sebi:EAD-12/AO/SM/195/2017-18
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Facts / Headnote
Adjudication proceedings dropped without penalty; SCN disposed of
Provisions invoked
- s. 15
- s. 15H
Parties
- M/s Shonkh Technologies International Ltd
Holding
The Adjudicating Officer dropped the adjudication proceedings against Shonkh Technologies International Ltd and disposed of the SCN without imposing any penalty under Section 15HB of the SEBI Act.
Full text
In the matter of M/s Shonkh Technologies International Ltd Page 2 of 7 that the Noticee had failed to comply with the said directions of the SEBI Consolidated Circular.
In the matter of M/s Shonkh Technologies International Ltd Page 3 of 7 address of the Noticee to appear for personal hearing on August 21, 2017 and since the same could not be delivered, the hearing notice was affixed at the last known address of the Noticee on July 27, 2017 as per Rule 7(c ) of the Rules. The copies of the SCN and Hearing Notice were also uploaded on the website of SEBI under Unserved Summons/Notices www.sebi.gov.in. A Public Notice was also given in Times of India and Loksatta, Mumbai Edition, Delhi Edition which was published on November 18, 2017 to appear for Personal Hearing on November 30, 2017.
In the matter of M/s Shonkh Technologies International Ltd Page 4 of 7 vii. It is also pertinent to note that a proper qualified person is required to track various rules, regulations and circulars issued by various authorities, their applicability for the Company and to do the compliance required by them. It is for this very reason that the Company did not come to know about the circular issued by SEBI mandating the Company to obtain the SCORES authentication. viii. However, it is also important to note that as soon as the Company came to know was required to obtain the SCORES authentication, the company immediately initiated the process for obtaining the SCORES Authentication. ix. In the instant case since no primary violation against the Company has been made out and as the Company has also explained the genuineness of the case, the question of imposition of any penalty under Section 15HB of SEBI Act does not arise. Therefore it is duly submitted that the Company has not committed any wrong and no charge has been established against them even prima facie, to warrant any action. x. It is humbly submitted that in view of the submissions made by Company hereinbefore they cannot be held guilty of non compliance of the directions as issued by SEBI in the SCORES circulars. Therefore, no penalty under Section 15HB of the SEBI Act is warranted against them. xi. It is further submitted that if the Learned Adjudicating Officer comes to an adverse
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Source: SecMarx — sebi:EAD-12/AO/SM/195/2017-18. 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.