sebi:EAD-5/BS/AO/53/2017-18
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Facts / Headnote
Disposed of without imposition of any penalty
Provisions invoked
- s. 15
- s. 15H
Parties
- Hariyana Metals Ltd.
Holding
The adjudication proceedings initiated against Hariyana Metals Ltd. vide SCN dated May 16, 2017 for failure to obtain SCORES authentication were disposed of without imposition of any penalty.
Full text
Page 2 of 5 that the Noticee had failed to comply with the said directions of the SEBI Consolidated Circular. 2. It was, therefore, alleged that the Noticee had failed to obtain SCORES authentication and thereby violated the provisions of SEBI Circulars CIR/OIAE/2/2011 dated June 03, 2011, CIR/OIAE/1/2012 dated August 13, 2012, CIR/OIAE/1/2013 dated April 17, 2013, and Circular No. CIR/OIAE/1/2014 dated December 18, 2014, thus, making the Noticee liable for imposition of
Page 3 of 5 5. Subsequent to the appointment of the undersigned as AO, the Noticee was granted an opportunity of personal hearing on November 28, 2017 vide hearing notice dated November 24, 2017. The said hearing notice, was delivered at the following addresses of the Noticee – i) Old Motor Stand, Itwari, Nagpur – 440008, and ii) 145, Small Factory Area, Bagadganj, Nagpur – 440008. However, the Noticee neither replied to the SCN nor attended the personal hearing. In the interest of natural justice, the Noticee was given one more opportunity of personal hearing on December 19, 2017. However, the Noticee did not attend the personal hearing. It is noted that the Noticee was provided with ample opportunities to reply to the allegations made in the SCN as well as for personal hearing in the matter. As the Noticee failed to avail the opportunities granted to it, I am proceeding with the inquiry taking into account the material available on record.
Page 4 of 5 complaints of the investors against the companies as uploaded in the SCORES, listed companies were required to log in to SCORES system electronically through a company specific user id and password to be provided by SEBI. I note that the aforesaid SEBI circulars are addressed to all companies whose securities are listed on the stock exchanges. As per the SCORES website, the Noticee was listed on Bombay Stock Exchange (hereinafter referred to as “BSE”), and Calcutta Stock Exchange (hereinafter referred to as “CSE”), and the status of the company is “active” in BSE.
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Source: SecMarx — sebi:EAD-5/BS/AO/53/2017-18. 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.