sebi:EAD-8/KS/AA/AO/223/2018-19
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Facts / Headnote
Penalty of Rs. 3,00,000 imposed on the Noticee under Section 15HB of the SEBI Act, decided ex parte
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 15F
Parties
- Well Pack Papers and Containers Limited
Holding
The Noticee failed to comply with the directions issued by the Whole Time Member vide order dated March 22, 2016 by not submitting the audit report on Sharepro and by not shifting RTA operations, and a monetary penalty of Rs. 3,00,000 under Section 15HB of the SEBI Act was imposed on Well Pack Papers and Containers Limited.
Full text
Page 2 of 9 directed above shall be completed by the companies within a period of three 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 SHOW CAUSE NOTICE, REPLY AND HEARING 4. A Show Cause Notice dated August 07, 2018 (herein after referred to as ‘SCN’) was issued to the Noticee under Rule 4 (1) of the Adjudication Rules to show-cause as to why an inquiry should not be initiated against the Noticee 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 Noticee granting an opportunity of personal hearing on October 16, 2018. The Noticee was also granted a final opportunity to submit its reply to SCN on or before October 03, 2018 vide the said reminder cum hearing notice. However, the said reminder cum hearing notice returned undelivered and the same could not be affixed at the last known address of the Noticee. In view of the same, a newspaper publication was made on December 04, 2018 intimating the Noticee that it had been granted an opportunity of hearing in the matter on December 20, 2018. In the said newspaper publication, it was also stated that in case the Noticee fails to avail of the hearing opportunity, the matter shall be proceeded further on the basis of material available on record. However, the Noticee failed to avail of the hearing opportunity on December 20, 2018.
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Source: SecMarx — sebi:EAD-8/KS/AA/AO/223/2018-19. 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.