sebi:IVD-ID-4/EAD-3/AO/DRK-VB/-727/52-2015
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Facts / Headnote
Violation found ex-parte and consolidated penalty of Rs 1,00,00,000 imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 11C(6)
- s. 11C
- s. 11C(3)
- s. 11C(5)
Parties
- Shri Mahendra P Rathod
Holding
The noticee violated Sections 11C(3) and 11C(5) by failing to appear before the Investigating Authority and to furnish books, documents and information despite service of summonses. A consolidated penalty of Rs 1,00,00,000 was imposed under Section 15A(a) ex-parte.
Full text
Page 2 of 7 of the Whole Time Member appointing Adjudicating Officer dated 10.05.2013. SHOW CAUSE NOTICE, REPLY AND HEARING
Page 3 of 7 accounts and / or documents as required, SEBI will initiate adjudication proceedings against you under which you could be levied a penalty of one lakh rupees for each day during which such failure continues, or one crore rupees, whichever is less, as provided under section 15A of SEBI Act,1992. Further, criminal prosecution may also be launched against you under Section 11C(6) which provides for a punishment with imprisonment for a term which may extend to one year or with fine which may extend to rupees one crore, or with both, and also with a further fine which may extend to five lakh rupees for each day after the first, during which the failure or refusal continues."
Page 4 of 7 the noticee again failed to appear for this hearing as well without furnishing any reasons. 9. From the records it is noted that the noticee has neither replied to the SCN nor has attended any of the personal hearings granted to him inspite of service of the notices as stated above. In the light of this fact, I am convinced that the Principles of Natural Justice have been complied with and I am compelled to pass an ex-parte order against the noticee CONSIDERATION OF EVIDENCE AND FINDINGS
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Source: SecMarx — sebi:IVD-ID-4/EAD-3/AO/DRK-VB/-727/52-2015. 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.