sebi:BS/AO-14/2008
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Facts / Headnote
Penalty imposed on noticee for failure to furnish information to SEBI investigating authority
Provisions invoked
- s. 11(4)
- s. 15A
- s. 15
- s. 15J
- s. 11C(3)
- s. 11C(5)
Parties
- Sunil Shares and Stock Pvt. Ltd.
Holding
Sunil Shares and Stock Pvt. Ltd. failed to provide necessary information to the investigating authority of SEBI despite repeated notices and summons, and a penalty of Rs. 2,00,000 was imposed under Section 15A(a) of the SEBI Act, 1992.
Full text
- 2 - noticee was advised to attend the hearing on January 11, 2008. Shri S.K. Jain, authorized representative of the noticee attended the hearing on January 11, 2008 and made the following submissions: a. We could not produce any documents which are required by SEBI in the matter of HCL and PSIL as the business is closed since last three years. There is no business activity in the company. b. Similar proceedings are pending for the same violation before the Whole Time Member. In view of the same, the adjudication proceedings may be dropped.
- 3 - 6. It is noted that vide letter dated July 28, 2004, the investigating authority required the noticee to submit the information / documents with respect to its dealing in the scrip of HCL (from October 16, 2002 to August 5, 2003) and PSIL (March 1, 2002 and September 30, 2002). The details sought from the company are as follows: a. Name address and telephone number of all the directors / promoters and details regarding directorship held by them since March 01, 2002. Name, address and telephone number of group and associate companies. b. Main line of activity in which the company is engaged. c. Copy of memorandum and article of association. d. Details of branch office, if any, with their address, contact number etc. e. Networth for the year 2002-03 with supporting documents. f. Details of registration with SEBI and any other agency, if applicable. g. Relationship with HCL and PSIL, its promoters, directors etc. h. Details of brokers / sub-brokers through which the noticee traded during the period and total number of shares of HCL and PSIL purchased and sold during the said period. Bills/vouchers/client statements/ transaction statements by DP etc. issued to you in respect of the said trades. i. Details of the person who introduced the noticee to the respective brokers / sub-brokers etc. and relationship with such person. j. Details of payments made to the brokers / sub-brokers and also payments received from them. k. The details of the off market purchase/ sale in the sc
- 4 - n. Details of shares of HCL and PSIL offered by the noticee in auction during the relevant period. o. Details of other persons and clients if noticee traded on their behalf. As per the records, it is seen that no information was received from the noticee.
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Source: SecMarx — sebi:BS/AO-14/2008. 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.