sebi:ISD/MSRGL/AO/DRK-AKS/EAD3-723/48-2015
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Facts / Headnote
Penalty imposed on noticee for failure to make disclosures under Regulation 8(3) of SAST Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 6
- Reg. 199
- Reg. 8
- Reg. 8(3)
Parties
- Mipco Seamless Rings (Gujarat) Ltd.
Holding
The noticee, Mipco Seamless Rings (Gujarat) Ltd., was held liable for violating Regulation 8(3) of the SAST Regulations, 1997 by failing to make timely yearly disclosures for financial years 1997-1998 to 2001-2002, 2003-2004 and 2006-2007, and a penalty of Rs. 7,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 7 Act‟), read with Rule 3 of Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as „Adjudication Rules’) to inquire into and adjudge under Section 15A (b) of the SEBI Act the violation of Regulation 8(3) of SAST Regulations alleged to have been committed by the noticee and the same was communicated vide proceedings of the Whole Time Member appointing Adjudicating Officer dated 26.04.2013.
Page 3 of 7 04:00 pm at SEBI Bhavan, Mumbai. In response to the same, the noticee vide its email dated 22.08.2014 stated that it has not received the SCN and requested for a copy of the same. Vide our email dated 22.08.2014 noticee was provided with a scanned copy of the SCN.
Page 4 of 7 that though the company is listed at BSE, there is no activity in the company. The AR further submitted that the non-compliances took place during the time of earlier management. CONSIDERATION OF EVIDENCE AND FINDINGS
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Source: SecMarx — sebi:ISD/MSRGL/AO/DRK-AKS/EAD3-723/48-2015. 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.