sebi:CFD/WIL/AO/DRK-AKS/EAD3-722/47-2015
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Facts / Headnote
Penalty imposed on noticee for failure to make disclosures under Regulation 8(3) of SAST Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 6
- Reg. 199
- Reg. 8(3)
Parties
- Waverley Investments Ltd.
Holding
The noticee, Waverley Investments Ltd., failed to comply with Regulation 8(3) of the SAST Regulations for financial years 1997-1998 to 2010-2011, and a penalty of Rs. 14,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 8 1995 (hereinafter referred to as ‘Adjudication Rules’) to inquire into and adjudge under Section 15A (b) of the SEBI Act the violation of Regulation 8(3) of SAST Regulations alleged to have been committed by the noticee and the same was communicated vide proceedings of the Whole Time Member appointing Adjudicating Officer dated 26.04. 2013.
Page 3 of 8 13 8(3) 30.04.2010 31.10.2011 549 14 8(3) 30.04.2011 31.10.2011 184 5. The noticee vide its letter dated 29.05.2014 requested to extend the time to file a reply to the SCN upto 15.06.2014. Subsequently the noticee submitted a reply to the SCN vide its letter dated 14.06.2014 as follows: • Noticee requests to take into account the peculiar nature of the transactions and that it was totally bona fide, not causing loss to any person and non- compliance of law, if any, was purely technical and inconsequential and in any case fully remedied.
Page 4 of 8 6. Vide personal hearing notice dated 25.06.2014, the noticee was granted an opportunity of hearing on 15.07.2014 at 11:30 am at SEBI Bhavan, Mumbai. The said notice came back undelivered with remark "left". The said hearing notice was sent via email also. Noticee vide its letter dated 21.07.2014 stated that since their registered office has been shifted they could not receive the aforesaid hearing notice and therefore requested for a new date of hearing. The noticee also provided its new correspondence address.
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Source: SecMarx — sebi:CFD/WIL/AO/DRK-AKS/EAD3-722/47-2015. 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.