sebi:EAD/SR/SM/AO/25/2017-18
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Facts / Headnote
Noticee found in violation and penalty of Rs. 50,000 imposed
Provisions invoked
- s. 13
- s. 16
- s. 18
- s. 23
- s. 23H
- s. 17
- s. 23J
Parties
- Shri Deepak Shah
Holding
The Noticee violated section 2(i) of the SCRA, 1956 read with sections 13, 16 and 18 by receiving 32,500 shares of GFL off-market without payment on the same or next day. A penalty of Rs. 50,000 under Section 23H of the SCRA, 1956 was imposed on Shri Deepak Shah.
Full text
Adjudication Order in respect of Shri Deepak 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 Shri Deepak 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 reply to the SCN on or before October 03, 2017 and to appear before me for hearing on October 11, 2017. The said hearing notice were 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 for the hearing. The Noticee/AR failed to appear for the hearing, however AR requested vide letter dated November 01, 2017 for another date of hearing preferably in second week of November 2017. In the interest of natural justice, vide hearing notice dated November 07, 2017, the Noticee was given another date of personnel hearing i.e. on November 10, 2017. The said hearing notice was sent by SPAD and to email id of the AR (b.shahtaxadvisor@yahoo.in). Proof of delivery is on record. AR requested for adjournment vide email dated November 10, 2017 for the hearing scheduled on November 10, 2017. In the interest of natural justice, another opportunity of personal hearing was given to the Noticee vide hearing notice dated November 10, 2017 for a hearing
Adjudication Order in respect of Shri Deepak Shah in the matter of GFL Financials Limited Page 4 of 10 to Rajni Gitaye on the same day. He also mentioned that he is not aware why Rajni Gitaye delayed depositing the cheque for approx.one month. Noticee has submitted copy of a contract note cum bill dated April 02, 2012 received from Pragati Shares and Stock 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. 019290 on May 15, 2013 credited to Pragati Shares and Stock Services. Noticee has also submitted a contract note dated April 08, 2013 from Nirmal Bang Securities Pvt. Ltd. for sale of 32,500 shares of GFL.
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Source: SecMarx — sebi:EAD/SR/SM/AO/25/2017-18. 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.