sebi:EAD-8/KS/AA/AO/224/2018-19
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Facts / Headnote
Penalty of Rs. 3,00,000 imposed on Anand Credit Limited under Section 15HB of the SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 15F
Parties
- Anand Credit Limited
Holding
The Noticee, Anand Credit Limited, failed to comply with the directions issued by the Whole Time Member of SEBI vide ex-parte ad-interim order dated March 22, 2016 by not submitting the audit report and by not shifting RTA operations from Sharepro, and a monetary penalty of Rs. 3,00,000 under Section 15HB of the SEBI Act was imposed.
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 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 7. The Noticee did not avail of the hearing opportunity on October 08, 2018. In view of the same, the Noticee was granted a final opportunity of hearing in the matter on November 14, 2018 vide hearing notice dated November 01, 2018. However, it was noted from postal records that the said hearing notice dated November 01, 2018 was delivered to the Noticee after the scheduled date of hearing. In view of the same, a hearing notice dated December 05, 2018 granting final opportunity of hearing on December 17, 2018 was issued to the Noticee. I note from available records that the said hearing notice was duly delivered to the Noticee. However, the Noticee failed to avail of the final hearing opportunity on December 17, 2018.
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Source: SecMarx — sebi:EAD-8/KS/AA/AO/224/2018-19. 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.