sebi:EAD/SR/SM/AO/24/2017-18
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Facts / Headnote
Penalty of Rs. 50,000 imposed on the Noticee under Section 23H of SCRA, 1956, payable within 45 days
Provisions invoked
- s. 13
- s. 16
- s. 18
- s. 23
- s. 23H
- s. 17
- s. 23J
Parties
- Ms. Reena Shah
Holding
Ms. Reena Shah violated section 2(i) of SCRA, 1956 read with sections 13, 16 and 18 for receiving 32,500 shares of GFL in off-market transfer without payment within spot-delivery time, and is liable to a monetary penalty of Rs. 50,000 under Section 23H of SCRA, 1956.
Full text
Adjudication Order in respect of Ms. Reena Shah in the matter of GFL Financials Limited Page 2 of 10 corresponding fund transfer on the date of off-market transfer or the date immediately following the date of the off-market transfer.
Adjudication Order in respect of Ms. Reena Shah in the matter of GFL Financials Limited Page 3 of 10 5. After my appointment, I granted an opportunity of personal hearing to the Noticee by issuing hearing notice dated September 25, 2017 requesting the Noticee to provide her reply on or before October 03, 2017 and to appear before me on October 11, 2017 for personal hearing. The said hearing notice was served to the Noticee by speed post acknowledgement due (SPAD) at his last known address and proof of delivery as per website of Department of Post (www.indiapost.gov.in) is available on record. Noticee replied vide letter dated October 11, 2017 and also nominated one Bharat J Shah as an authorised representative (AR) for the Noticee. The Noticee/AR failed to appear for the hearing, however AR requested vide letter dated November 01, 2017 for another date of hearing in second week of November 2017. In the interest of natural justice, vide Hearing Notice dated November 07, 2017 the Noticee was given personnel hearing on November 10, 2017. The said hearing notice was sent by SPAD and email id of the AR (b.shahtaxadvisor@yahoo.in), the same was delivered. Delivery report is on record. AR requested for adjournment vide email dated November 10, 2017 for hearing scheduled on November 10, 2017. In the interest of natural justice, yet another opportunity of personal hearing was given to the Noticee vide hearing notice dated November 10, 2017 for a hearing scheduled on November 21, 2017.
Adjudication Order in respect of Ms. Reena Shah in the matter of GFL Financials Limited Page 4 of 10 depositing the cheque for approximately one month. Noticee has submitted copy of a contract note cum bill dated April 02, 2012 received from Pragati Shares and Stocks Services showing purchase of 6500 shares on the market. Noticee has also submitted copy of a bank statement showing a debit transaction via cheque no. 766965 on May 15, 2013 credited to Pragati Shares and Stock Services.
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Source: SecMarx — sebi:EAD/SR/SM/AO/24/2017-18. 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.