sebi:EAD-12/AO/SM/134/2017
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed under Section 15HB; proceedings under Section 15C dropped
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 15C
Parties
- M/s Indo American Cement Corporation Ltd.
Holding
The Noticee was held liable for penalty under Section 15HB of the SEBI Act for failing to obtain SCORES authentication as required by SEBI Circular dated August 13, 2012, and a penalty of Rs. 1,00,000 was imposed. The allegation of penalty under Section 15C was dropped because the statutory requirement of being 'called upon by the Board in writing' was not fulfilled.
Full text
In the matter of M/s Indo American Cement Corporation Ltd. Page 2 of 7 into and adjudge under Section 15C and 15HB of SEBI Act for the alleged violations Pursuant to his transfer, Shri D.S. Reddy was appointed as the Adjudicating Officer vide Order dated December 14, 2016. Subsequent to the transfer of case, the undersigned was appointed as Adjudicating Officer vide
In the matter of M/s Indo American Cement Corporation Ltd. Page 3 of 7 the allegation against the Noticee is that it has failed to obtain SCORES authentication and its failure to redress pending investor complaints. The issues, therefore, that arise for consideration in the present matter are:
In the matter of M/s Indo American Cement Corporation Ltd. Page 4 of 7 15. Therefore, the allegation of penalty under Section 15C does not establish.
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Source: SecMarx — sebi:EAD-12/AO/SM/134/2017. 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.