sebi:EAD-8/KS/MKG/AO/231/2018-19
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Facts / Headnote
Penalty imposed on the Noticees for non-compliance with directions issued by SEBI vide Order dated December 09, 2015
Provisions invoked
- s. 15
- s. 15H
- s. 73
- s. 15J
- s. 15F
- s. 28A
- s. 27(1)
- s. 166
- s. 465
- s. 15j
- s. 291
- s. 179
- s. 222
Parties
- Life Care Real Developers Ltd.
- Mr. Arshad Hussain
- Ms. Shiba Pravin
- Mr. Mohd. Seraj Lari
- Mr. Rajneesh Chandra Shukla
- Mr. Yogendra Pratap Shahi
- Mr. Mohammad Aftab Alam
- Mr. Mohd. Gani
Holding
The Adjudicating Officer held that the Noticees failed to comply with the directions issued by SEBI vide Order dated December 09, 2015 and imposed a monetary penalty under Section 15HB of the SEBI Act, 1992. The Noticees' arguments regarding demonetization, financial constraints, and the Hon'ble SAT's order were rejected.
Full text
Page 2 of 46 to refund forthwith the monies collected by the Company with interest @15% per annum compounded at half yearly intervals, from the date when the repayments became due to the investors till the date of actual repayment.
Page 3 of 46 against the Noticees and penalty, if any, be not imposed on them under the provisions of Section 15HB of the SEBI Act for the alleged non- compliance by the Noticees of the directions issued to them by SEBI vide Order dated December 09, 2015.
Page 4 of 46 time of 10 days for submitting their reply to the SCN. In view of the same, the said the Noticees were granted an extension of time till August 30, 2017, vide email dated August 21, 2017, to file their reply in the matter.
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Source: SecMarx — sebi:EAD-8/KS/MKG/AO/231/2018-19. 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.