sebi:EAD-8/KS/AA/AO/209/2018-19
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation established; penalty of Rs. 3,00,000 imposed under Section 15HB
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 15F
Parties
- SMS Techsoft (India) Limited
Holding
The Noticee, SMS Techsoft (India) Limited, failed to comply with the Whole Time Member order dated March 22, 2016 by not submitting the audit report on Sharepro and not shifting RTA operations, and a monetary penalty of Rs. 3,00,000 under Section 15HB of the SEBI Act was imposed.
Full text
Page 2 of 9 months from the date of this order and thereafter a report shall be submitted to SEBI by the companies in that regard. Further, within a period of six months from the date of this order, the companies shall take appropriate action, in cases where violations are observed, in accordance with the provisions of law and inform SEBI accordingly.
Page 3 of 9 and why penalty should not be imposed upon it under Section 15HB of the SEBI Act for its alleged failure to comply with the directions issued by Whole Time Member of SEBI vide order dated March 22, 2016.
Page 4 of 9 21, 2019 submitted a scanned copy of an undated letter as its reply to the SCN. In the said letter, the Noticee inter alia made the following submissions: (i) Ours is a company whose securities have been suspended by BSE since January, 2015 and since then no shares trading have taken place. (ii) As far as company is concerned, on account of SEBI action, company is in shock and has not been able to carry on business in a profitable manner since 2013. (100% indefinite freeze of the entire preferential issue since 2013) (iii) We understand that we have received your show cause notice dt. 7th August, 2018 for adjudication in sharepro matter. However, as trading in securities of the company have been suspended and as company was facing severe financial crunch, it could not carry out procedure to change Registrar and transfer agent. (iv) However, as and when position improves, we will surely change the same.
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Source: SecMarx — sebi:EAD-8/KS/AA/AO/209/2018-19. 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.