sebi:ASK/AO-79/2014-15
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Facts / Headnote
Violation established; penalty of Rs. 10,00,000 imposed
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
- s. 15
Regulations
- Reg. 199
- Reg. 8(3)
- Reg. 201
- Reg. 8(1)
- Reg. 35
Parties
- Southern Fuel Limited
Holding
The Noticee, Southern Fuel Limited, violated regulation 8(3) of SAST Regulations, 1997 read with regulation 35 of SAST Regulations, 2011 for the years 1998 to 2011 and was held liable for monetary penalty under section 15A(b) of the SEBI Act, with a penalty of Rs. 10,00,000 imposed.
Full text
Adjudication Order in respect of Southern Fuel Limited August 28, 2014 Page 2 of 11 Shares and Takeovers) Regulations, 1997 (hereinafter referred to as “SAST Regulations, 1997”) for the years 1998 to 2011.
Adjudication Order in respect of Southern Fuel Limited August 28, 2014 Page 3 of 11 5. In the interest of natural justice and in order to conduct an inquiry in terms of rule 4(3) of the Rules, Noticee was granted an opportunity of personal hearing on March 07, 2014, March 26, 2014 and April 15, 2014 vide Notice of Inquiry (hearing notice) dated February 21, 2014, March 13, 2014 and April 01, 2014 respectively. All afore-mentioned hearing notices were delivered to the Noticee. However, the Noticee did not avail any opportunity of personal hearings afforded to it. Noticee vide email dated April 22, 2014 informed that the person handling the SEBI & stock Exchange matters left their services abruptedly and therefore they were not aware of SCN and could not attend to the hearings.
Adjudication Order in respect of Southern Fuel Limited August 28, 2014 Page 4 of 11 submit the proof and all other material documents showing that the necessary disclosures have been made to the stock exchanges. Upon request made by the Noticee, it was given 30 days time to submit these documents.
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Source: SecMarx — sebi:ASK/AO-79/2014-15. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.