sebi:IVD-ID6/AIL/AO/DRK/AKS/EAD-3/227-09/130-10
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation established; penalty imposed
Provisions invoked
- s. 11
- s. 24
- s. 15A
- s. 15
- s. 15J
- s. 11C(6)
Parties
- Shri Viral V Mewada
Holding
Shri Viral V Mewada was held to have violated Section 11C(6) of the SEBI Act by failing to produce documents/information and to appear before the Investigating Authority, and a penalty of Rs 5,00,000 was imposed under Section 15A(a).
Full text
Page 2 of 11 APPOINTMENT OF ADJUDICATING OFFICER 2. I was appointed as the Adjudicating Officer, (subsequent to the transfer of Shri Biju S.) vide order dated December 10, 2008 under section 15 I of the SEBI Act read with Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge under Section 15A (a) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) the violation of Section 11 C (6) of the SEBI Act.
Page 3 of 11 • Sources of income / annual income as per the last returns filed with the Income Tax Department during the years 2003-04. • Confirm and indicate your relationship with Aditya Infosoft Ltd. and its Promoters & Directors / associate companies and their Directors, if any. • Names and addresses of all the stock brokers / sub-brokers through whom you had traded in the scrip of Aditya Infosoft Ltd. • Number of shares of Aditya Infosoft Ltd. that were purchased / sold. The settlement wise details like purchases / sales made, average rate of purchases / sales during the settlement, delivery taken / given in each settlement, distinctive number of deliveries taken / given, if any. • The mode and source of payment to the stock brokers / sub- brokers for all the purchases / sales made in the secondary market. • Indicate the source of acquisition of all the shares of Aditya Infosoft Ltd. by you at any point of time. Also indicate the source of funds that you used for the acquisitions of these shares (please enclose supporting documents for the above). • In case the shares were acquired by you through off-market transactions, please indicate the name / address / phone nos / of the person from whom the acquisition was made. Please also indicate the source of funds which were used for purchasing these shares through off-market transactions.
Page 4 of 11 imprisonment for a term which may extend to one year, or with fine, which may extend to one crore rupees, or with both, and also with a further fine which may extend to five lakhs rupees for every day after the first during which the failure or refusal continues.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:IVD-ID6/AIL/AO/DRK/AKS/EAD-3/227-09/130-10. 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.