sebi:BM/AO-136/2013
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Facts / Headnote
Penalty of Rs. 1,00,00,000 imposed under Section 15HB for failure to comply with SEBI order dated 31.10.2008
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 15Z
Parties
- Dhaval A Mehta
Holding
The Noticee failed to comply with SEBI WTM order dated 31.10.2008 directing disgorgement of Rs. 72 lakh plus interest @10% and was held liable under Section 15HB of the SEBI Act. A monetary penalty of Rs. 1,00,00,000 was imposed for such non-compliance.
Full text
Page 2 of 7 SEBI further directed, that in case the amount is not disgorged within the specified time, the Noticee shall be restrained from buying, selling or dealing in securities market in whatsoever manner or accessing securities market, directly or indirectly, for an additional period of 5 years without prejudice to SEBI's right to enforce disgorgement. The said
Page 3 of 7 said SCN was defiance of the provision of sub section 15Z of SEBI Act, in as much as the said section provides time of 60 days for preferring an appeal before the Supreme Court of India and the same has been preferred by him and has been under consideration of Honorable Supreme Court of India.
Page 4 of 7 CONSIDERATION OF ISSUES 11. I have carefully examined the SCN and other materials available on record. It was alleged that the Noticee had failed to comply the directions issued by the SEBI vide its order dated 31.10.2008.
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Source: SecMarx — sebi:BM/AO-136/2013. 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.