sebi:EAD/SR/VV/AO/52/2017-18
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Facts / Headnote
Adjudication proceedings initiated vide SCN dated September 12, 2016 disposed without imposing any monetary penalty
Provisions invoked
- s. 15
- s. 15C
- s. 108
Parties
- Indian Infotech and Software Limited
Holding
The adjudication proceedings against Indian Infotech and Software Limited for alleged failure to redress investor complaint No. SEBIE/MH15/0004896/1 were disposed without imposing any monetary penalty as violation of section 15C was not established.
Full text
Adjudication Order in respect of Indian Infotech and Software Limited Page 2 of 8 in the matter of failure to redress an investor grievance take action under the rescinded circulars, shall be deemed to have been done or taken or commenced under the provisions of circular dated December 18, 2014. The aforementioned circulars are hereinafter collectively referred to as the “SEBI Circulars".
Adjudication Order in respect of Indian Infotech and Software Limited Page 3 of 8 in the matter of failure to redress an investor grievance since sept.2013 and why no objection was raised along with other objections raised on 11/10/2014 as the resolution was passed on 28/07/2014. The complainant states that he is yet to receive the reply of the company in this regard. e. The complainant further submits that the company has been rejecting the transfer off shares by repeatedly raising wrong objections for two years and that it had led to opportunity loss to sell of shares when prices were over Rs.40/- per share and as he was holding 2000 shares of the company he suffered financial loss of Rs. 80,000/- and opportunity loss of 25% within two years the complainant had prayed that proper action should have taken against the company to recover his loss of Rs. 1,00,000/-.
Adjudication Order in respect of Indian Infotech and Software Limited Page 4 of 8 in the matter of failure to redress an investor grievance SEBI Act, 1992 advising Noticee to show cause as to why an inquiry should not be held against the Noticee and why penalty may not be imposed under section 15C of the SEBI Act, 1992 for the alleged violations of section 15 C of the SEBI Act, 1992 read with SEBI circulars. The said SCN was issued by speed post acknowledgement due/hand delivery to two available addresses of the Noticee viz. address 1 : D-207, Crystal Plaza, Link Road, Opposite Infinity Mall, Andheri(west) Mumbai -400053 and address 2: Room No. -122,1st Floor, Sitladevi Chs Ltd, D N Nagar Ambivali, Andheri West, Mumbai City, Mumbai, Mh-400053. However, the SCN returned undelivered with the remark ‘consignee shifted/moved’. The SCN was also sent by email on September 12, 2016 to the available email id of the Noticee viz. indianinfotechsoftware@yahoo.com. The SCN was delivered to the recipient by email. The delivery receipt of the said SCN sent by email is on record. However, no reply was received from the Noticee to the SCN delivered by email. The SCN was also sent by speed post acknowledgement due/hand delivery with a covering letter dated September 14, 2016. The said letter returned undelivered by with a reason stating ‘Unclaimed’.
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Source: SecMarx — sebi:EAD/SR/VV/AO/52/2017-18. 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.