sebi:EAD-7/BD/NR/2019-20/7361
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Facts / Headnote
Adjudication proceedings disposed of without any penalty
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15I
- s. 15J
Regulations
- Reg. 13
- Reg. 199
- Reg. 13(4)
- Reg. 13(5)
- Reg. 12
Parties
- Anil Agarwal
Holding
The alleged violation of Regulation 13(4) of SEBI (PIT) Regulations, 1992 does not stand established against Anil Agarwal, and the adjudication proceedings initiated vide SCN dated April 3, 2019 stand disposed of without any penalty.
Full text
Adjudication Order in respect of Anil Agarwal in the matter of Polar Pharma India Ltd., Page 2 of 9 Regulations, 1992 read with Regulation 12 (2) of SEBI (PIT) Regulations,
Adjudication Order in respect of Anil Agarwal in the matter of Polar Pharma India Ltd., Page 3 of 9 furnish his reply within 14 days from the date of publication of the Notice, besides being providing with an opportunity of personal hearing on January 30, 2020.
Adjudication Order in respect of Anil Agarwal in the matter of Polar Pharma India Ltd., Page 4 of 9 (a) The SCN is issued in the year 2019 i.e. after 14 years of my probable date of acquisition. It is a well-known fact that human memory has a short shelf life. I am not able to recollect the facts that existed 14 years ago; I don’t even remember whether I had acquired shares in the company or not. Initiation of proceedings by AO after such a long gap is a quite unreasonable step.
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Source: SecMarx — sebi:EAD-7/BD/NR/2019-20/7361. 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.