sebi:EAD/AO/BJD/VS/2019-20/4171

SEBI · SEBI · 2014-04-10 · B J Dilip, Adjudicating Officer

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Facts / Headnote

Penalty of Rs. 1,00,000 imposed under Section 15HB of the SEBI Act, 1992

Provisions invoked

• s. 15
• s. 15H
• s. 15I
• s. 15J
• s. 28A

Parties

• M/s J G Finance Limited

Holding

The Noticee violated SEBI Circular No. CIR/OIAE/1/2013 dated April 17, 2013 by failing to obtain SCORES authentication within 30 days of its issuance and is liable for monetary penalty under Section 15HB of the SEBI Act, 1992. A penalty of Rs. 1,00,000 was imposed on M/s J G Finance Limited.

Full text

Adjudication Order in respect of M/s J G Finance Limited Page 2 of 11 APPOINTMENT OF ADJUDICATING OFFICER 3. Shri Amar Navlani was appointed as the Adjudicating Officer (hereinafter referred to as 'AO') vide order dated April 10, 2014 under Section 15-I of the SEBI Act, 1992 and Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the “AO Rules”) to inquire and adjudge under the provisions of Section 15HB of the SEBI Act, 1992, the alleged violations of the Noticee. Subsequently, the undersigned was appointed as AO vide Order dated January 8, 2019. The order appointing the undersigned was communicated vide communiqué dated June 07, 2019.

Adjudication Order in respect of M/s J G Finance Limited Page 3 of 11 December 23, 2016. In response, the Noticee vide its letter dated January 14, 2017 inter alia submitted as under: “…. We wish to submit that our Company was listed at the Delhi, Jaipur and Calcutta Stock Exchanges. Delhi and Jaipur Stock exchanges are already de-recognized/ exit as recognized stock exchange. The Calcutta stock exchange is also under the process of de-recognition. The Corporate Identification Number of the company issued buy the Ministry of Corporate Affairs is U65921WB1987PLC041950, which suggested the status of company as unlisted but technically the company is still listed at the Calcutta Stock Exchange. We have duly obtained SEBI SCORES authentication (supporting document is enclosed herewith) We further confirm that there is no investor’s complaint at SCORES system or otherwise against our Company. Further, we confirm that there was not a single investor’s complaint against our Company in the last more than ten years. …”

Adjudication Order in respect of M/s J G Finance Limited Page 4 of 11 documentary evidence in respect of the Noticee having obtained the SCORES authentication on January 4, 2017 and submitted that they have no further

Source: SecMarx — sebi:EAD/AO/BJD/VS/2019-20/4171. 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.