sebi:IVD-ID-4/EAD-3/AO/DRK-VB/715/40-2015
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Facts / Headnote
Ex-parte consolidated penalty of Rs 1 crore imposed on the noticee
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 11C(6)
- s. 11C
- s. 11C(3)
- s. 11C(5)
Parties
- Shri Sendhaji J Thakor
Holding
The noticee violated Section 11C(3) and Section 11C(5) of the SEBI Act, 1992 by failing to appear before the Investigating Authority and to furnish documents/information, and a consolidated penalty of Rs 1,00,00,000 under Section 15A(a) was imposed.
Full text
Page 2 of 7 of the SEBI Act alleged to have been committed by Shri Sendhaji J Thakor (hereinafter referred to as the "noticee"). SHOW CAUSE NOTICE, REPLY AND HEARING
Page 3 of 7 5. It was, inter alia, stipulated in the summons that " Please take notice that, in default of your appearance on the above-mentioned date, investigation proceedings would be continued in your absence. Further, take notice that without prejudice to the provisions of any other law for the time being in force, if you omit to attend and give evidence or to produce the books of 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 avail this personal hearing as well without furnishing any reason. 8. Subsequently, vide final hearing notice dated December 23,2014, the Noticee was granted final opportunity of personal hearing on January 23, 2015 at SEBI Bhavan, Mumbai. The hearing notice was served on the Noticee by RPAD and proof of service of the same is on record. However, the noticee failed to appear for this hearing as well without giving any reason.
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Source: SecMarx — sebi:IVD-ID-4/EAD-3/AO/DRK-VB/715/40-2015. 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.