sebi:EAD-9/VKV/GSS/2020-21/9857-9859

SEBI · SEBI · 2020-07-23 · Vijayant Kumar Verma, Adjudicating Officer

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Facts / Headnote

Violation established ex-parte; penalty of Rs. 5,00,000 each imposed on all three Noticees

Provisions invoked

Parties

Holding

The Adjudicating Officer held that Umesh Kashinath Gawand, Kamlesh Kanahiyalal Joshi and Jagdish Goverdhan Ajwani violated Section 11C(2) read with Section 11C(3) of the SEBI Act, 1992 by failing to comply with summons, and imposed a penalty of Rs. 5,00,000 each under Section 15A(a) of the SEBI Act, 1992 on ex-parte basis.

Full text

Adjudication Order in respect of Umesh Kashinath, Kamlesh Kanahiyalal Joshi and Jagdish Goverdhan Ajwani Page 2 of 11 APPOINTMENT OF ADJUDICATING OFFICER

Adjudication Order in respect of Umesh Kashinath, Kamlesh Kanahiyalal Joshi and Jagdish Goverdhan Ajwani Page 3 of 11 violation of principles of natural justice due to not being provided opportunity to reply to SCN or not provided personal hearing. This leads to unnecessary and avoidable loss of time and resources on part of all concerned and should be eschewed, to say the least. Hence, this case is being decided on basis of material before this Tribunal…” Keeping the aforesaid in mind, the adjudication proceedings against the Noticees are undertaken ex-parte on the basis of material available on record.

Adjudication Order in respect of Umesh Kashinath, Kamlesh Kanahiyalal Joshi and Jagdish Goverdhan Ajwani Page 4 of 11 Issue No. I: Whether the Noticees have violated section 11C (2) and (3) of SEBI Act, 1992?

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Source: SecMarx — sebi:EAD-9/VKV/GSS/2020-21/9857-9859. 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.