sebi:EAD-2/DSR/VS/864/2017
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Facts / Headnote
Penalty imposed on Noticee for failure to obtain SCORES authentication
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 15F
Parties
- Prime Solvent Extractions Limited
Holding
The Noticee, Prime Solvent Extractions Limited, violated SEBI Circulars requiring SCORES authentication by failing to obtain it, and is liable for a monetary penalty of Rs. 1,00,000 under Section 15HB of the SEBI Act.
Full text
______________________________________________________________________________________ Page 2 of 7 December 18, 2014 further inter alia stated that failure by any listed company to obtain SCORES authentication would not only be deemed as non-redressal of investor grievances, but, also indicate wilful avoidance of the same and that failure to take action under the rescinded circulars before the date of issuance of SEBI Consolidated Circular, shall be deemed to have been done or taken or commenced under the provisions of Circular dated December 18, 2014.The aforementioned SEBI Circulars are hereinafter collectively referred to as the “SEBI Circulars".
______________________________________________________________________________________ Page 3 of 7 The copies of the documents / evidence relied upon in the SCN were provided to the Noticee along with the SCN.
______________________________________________________________________________________ Page 4 of 7 Findings 9. I find that despite SEBI advising the Noticee repeatedly through issue of various circulars in the matter, the Noticee did not obtain SCROES Authentication from SEBI. In this regard, it is pertinent to note that the Hon’ble Securities Appellate Tribunal in the matter of Classic Credit Ltd. vs. SEBI (Appeal No. 68 of 2003 decided on December 08, 2006) has, inter alia, observed that"............ the appellants did not file any reply to the second show-cause notice. This being so, it has to be presumed that the charges alleged against them in the show cause notice were admitted by them”.
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Source: SecMarx — sebi:EAD-2/DSR/VS/864/2017. 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.