sebi:EAD/KS/AA/AO/64/2017-18
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Facts / Headnote
Penalty of Rs. 4,00,000 imposed ex-parte under Section 15C of SEBI Act
Provisions invoked
- s. 15
- s. 15J
- s. 15F
- s. 15C
Regulations
- Reg. 7
Parties
- Polar Industries Limited
Holding
Polar Industries Limited failed to redress the investor complaint within the prescribed time and failed to file ATR on SCORES, thereby violating SEBI Circular dated December 18, 2014 and attracting penalty under Section 15C of the SEBI Act, and a penalty of Rs. 4,00,000 was imposed.
Full text
Page 2 of 11 2. It was observed that one complaint with regard to non-receipt of shares after transmission of shares was pending against M/s Polar Industries Limited (hereinafter referred to as ‘the Noticee / the Company’) and it was alleged that the Noticee had failed to redress investor’s complaint and failed to submit an ATR. It was, therefore, alleged that the Noticee had failed to comply with the provisions of SEBI Circular dated December 18, 2014 and was thus liable for penalty under Section 15C of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) for non-redressal of investor complaint.
Page 3 of 11 sent to the Noticee was digitally signed. The following observations/ allegations were made in the SCN issued to the Noticee: (a) SEBI had received an investor complaint against the Noticee on September 29, 2015 with regard to non-receipt of shares after transmission of shares. (b) The said complaint was forwarded to the Noticee on the same date in SCORES for necessary redressal. (c) It was alleged that the Notice failed to submit ATR in SCORES and also did not redress the investor complaint.
Page 4 of 11 7. In view of the SCNs and the subsequent reminder cum hearing notices could not be delivered as per the Adjudication Rules and in compliance with Rule 7(b) of the Adjudication Rules, a reminder cum hearing notice dated October 10, 2017 was sent to ERO and NRO of SEBI for affixing the notices at the four addresses available on record. The said reminder was also sent through RPAD/ Email. As in the past, the reminder cum hearing notice sent through RPAD returned undelivered with the remarks “consignee shifted, “left without address”, “unclaimed” etc. Also, the affixtures were unsuccessful in terms of Rule 7 of the Adjudication Rules.
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Source: SecMarx — sebi:EAD/KS/AA/AO/64/2017-18. 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.