sebi:ISD/ITCL/AK/AO/DRK-AKS/EAD3-706/31-2015
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Facts / Headnote
Proceedings disposed of; violation not established, no penalty imposed
Provisions invoked
- s. 15
- s. 2(30)
- s. 2(24)
- s. 2(45)
- s. 2(1)
- s. 386
- s. 387
Regulations
- Reg. 13
- Reg. 13(4)
- Reg. 2
- Reg. 13(5)
- Reg. 2(g)
Parties
- Shri A K Chowdhury
Holding
The Adjudicating Officer held that the violation of Regulations 13(4) read with 13(5) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 could not be established against Shri A K Chowdhury and accordingly disposed of the adjudication proceedings.
Full text
Page 2 of 6 inquiry should not be held against him and why penalty, if any, should not be imposed on the noticee under Section 15 A (b) of the SEBI Act.
Page 3 of 6 8. The ARs reiterated the submissions as made in the reply dated 07.11.2013. Further, the ARs submitted that they would like to file the written submissions covering the points argued / contended by them during the hearing. They undertook to also submit the proof of imposition of penalty by ITC Ltd. and payment thereof by the noticee. The ARs undertook to submit the certified copy of Key Managerial Personnel as prescribed by ITC Ltd., noticee's position / designation coupled with responsibilities and the number of employees reporting to the noticee during said time, if any. The ARs were given a week to submit all the aforesaid proof / submissions from the date of hearing.
Page 4 of 6 j. Section 2(45) of the Companies Act, 1956 defines "secretary" as being a Company secretary within the meaning of Section 2(1) (c) of the Company Secretaries Act, 1980, and including any other individual possessing the prescribed qualifications and appointed to perform the duties which may be performed by a secretary under the Companies Act, 1956 and any other ministerial or administrative duties. Noticee was not a company secretary and does not possess the prescribed qualifications for the same. Therefore, the noticee was not a "secretary" of the Company.
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Source: SecMarx — sebi:ISD/ITCL/AK/AO/DRK-AKS/EAD3-706/31-2015. 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.