sebi:EAD-12/SM/15/2018-19
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Facts / Headnote
Adjudication proceedings dropped; Show Cause Notice disposed of
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
Parties
- Lotus Transforms Pvt. Ltd.
Holding
The Adjudicating Officer dropped the adjudication proceedings against Lotus Transforms Pvt. Ltd., holding that the violation of Regulations 3(a), (b), (c) and (d) and Regulation 4(1) of PFUTP Regulations does not stand established against the Noticee.
Full text
In the matter of Super Domestic Machines Ltd. Page 2 of 6 5. Hence it was alleged that Noticee (Lotus Transforms Pvt. Ltd.) facilitated circulation of false news about the company by making available its platform to send bulk SMS and thereby engaged in a deceitful activity. Thus Noticee has violated Regulation 3 (a),(b),(c),(d) & 4 (1) of PFUTP 2003. Appointment of Adjudicating Officer
In the matter of Super Domestic Machines Ltd. Page 3 of 6 8.4 Relying on the representation of the said Mr. Sumeet and believing the same to be true after perusing the above referred documents, we sold SMS to M/s Om Stocks until December 2015.
In the matter of Super Domestic Machines Ltd. Page 4 of 6 Hearing: 9. In order to comply with the principles of natural justice, an opportunity of personal hearing was granted to the Noticee on November 30, 2017 vide notice dated November 02, 2017. The authorized representatives appeared on behalf of Noticee.
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Source: SecMarx — sebi:EAD-12/SM/15/2018-19. 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.