sebi:EAD/KS/VB/AO/46/2017-18
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed under Section 15HB of the SEBI Act for failure to obtain SCORES authentication, decided ex parte
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Parties
- Aakar Engineering & Manufacturing Co. Ltd
Holding
The Noticee failed to obtain SCORES authentication and thereby violated SEBI Circulars No. CIR/OIAE/2/2011, CIR/OIAE/1/2012, CIR/OIAE/1/2013 and CIR/OIAE/1/2014, and a monetary penalty of Rs. 1,00,000 under Section 15HB of the SEBI Act was imposed.
Full text
Page 2 of 10 whose securities were listed on stock exchanges to obtain SCORES authentication and also redress the pending investor grievances within the stipulated time period. The said SEBI Consolidated Circular further inter alia stated that failure by any listed company to obtain SCORES authentication would not only be deemed as non-redressal of investor grievances, but also indicate wilful avoidance of the same and that failure to take action under the rescinded circulars before the date of issuance of SEBI Consolidated Circular, shall be deemed to have been done or taken or commenced under the provisions of SEBI Consolidated Circular.
Page 3 of 10 Kenkare, the proceedings were transferred to the undersigned, which was intimated vide communique dated October 04, 2017.
Page 4 of 10 Adjudication Officer vide hearing notice dated November 03, 2017 addressed to Noticee at A-75/76/77 STICE, Musalgaon Taluka, Sinnar, Dist : Nasik Nashik-400103 as well as at its another address i.e 82, Old Nagardas Road Andheri (East), Mumbai- 400069 and was granted a final opportunity of hearing on November 16, 2017. The Noticee was also given time till November 07, 2017 to provide any submissions/ documents in respect of the SCN. The Hearing Notice returned undelivered with remark ‘Consignee shifted / moved’. The said hearing notice was also forwarded to Adroit corporate services Pvt. Ltd., the Registrar and Share Transfer agent of the company with an advice to serve the Hearing Notice dated November 03, 2017 on the company. Thereafter, Adroit corporate services Pvt. Ltd. vide its letter dated November 06, 2017, submitted that company is not in contact with them for more than five years and it could not contact or locate the company. It also submitted that it managed to deliver the said hearing notice to one Mr Sunil Shah, the erstwhile promoter of the Company. In view of the above, vide hearing notice dated December 08, 2017 another final opportunity of hearing on December 15, 2017 was granted to the Noticee. The Hearing Notice dated December 08, 2017 remained undelivered to the Noticee. The said hearing Notices dated November 03, 2017 and December 08,2017 were also affixed at the last known address of the Noticee, i.e, 82, Old Nagardas road, Andheri (East), M
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Source: SecMarx — sebi:EAD/KS/VB/AO/46/2017-18. 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.