sebi:EAD-3/JS/GSS/1626/2018-19
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Facts / Headnote
Penalty of Rs. 5,00,000 imposed on the Noticee
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
- s. 15F
Regulations
- Reg. 4
- Reg. 13
- Reg. 13(4)
- Reg. 13(3)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 31(2)
Holding
The Noticee violated Regulation 29(2) read with 29(3) and Regulation 31(2) read with 31(3) of SAST Regulations and Regulation 13(3), 13(4) and 13(4A) read with 13(5) of PIT Regulations, 1992, and a penalty of Rs. 5,00,000 under Section 15A(b) of SEBI Act, 1992 is imposed on the Noticee.
Full text
Adjudication order in the matter of Raj Oil Mills Ltd. || Page 2 Trading) Regulations, 1992 (hereinafter referred to as the ‘PIT Regulations’). Consequent to transfer of adjudication proceedings, the proceedings are now continued with in terms of Order dated May 31, 2018 to inquire into and adjudge under section 15A (b) of SEBI, 1992 for the alleged violations against the Noticee.
Adjudication order in the matter of Raj Oil Mills Ltd. || Page 3 10. The Noticee was also contacted several times on the mobile no. 9821344429 provided by him to seek reply for the aforementioned SCN. However, no reply to the SCN was received from the Noticee. Moreover, in the interest of principles of natural justice, third opportunity of hearing was granted to the Noticee on October 31, 2018. However, the same was not attended by the Noticee. Subsequently during the day Authorized Representative (AR) of the Noticee called at the office of AO, seeking for adjournment of aforesaid hearing and vehemently requested for another hearing in the matter. Given this vide e-mail dated October 31, 2018, ARs were advised to appear for hearing anytime during the day, before close of office hours and submit his response to the SCN. Meanwhile, vide e-mail dated October 31, 2018, written submissions were filed by the Noticee.
Adjudication order in the matter of Raj Oil Mills Ltd. || Page 4 f. In order to take lenient view in the matter, the Noticee has made reference to some case laws namely; 1. Ex-Naik Sardar Singh vs. Union of India (1991)3 SCC 212)
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Source: SecMarx — sebi:EAD-3/JS/GSS/1626/2018-19. 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.