sebi:IVD-ID6/AIL/AO/DRK/AKS/EAD-3/263/29-11
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed on Shri Dinesh Patel under Section 15A(a)
Provisions invoked
- s. 11
- s. 24
- s. 15A
- s. 15
- s. 15J
- s. 11C
Parties
- Shri Dinesh Patel
Holding
Shri Dinesh Patel violated Section 11C of the SEBI Act by failing to appear and furnish documents/information sought vide letter dated 5.10.2004 and summonses dated 23.08.2005 and 29.09.2005, and a penalty of Rs. 1,00,000 under Section 15A(a) was imposed.
Full text
Page 2 of 9 APPOINTMENT OF ADJUDICATING OFFICER 2. I was appointed as 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 of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) the violation of Section 11 C of the SEBI Act alleged to have been committed by Shri Dinesh Patel (herein after referred to as the ‘noticee’).
Page 3 of 9 summonses directed the noticee to appear and produce certain documents / information which mainly consisted of the following: • Sources of income / annual income as per the last return 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 mode and source of payment to the stock brokers / sub-brokers for all the purchases / sales made in the secondary market. • Details of the off-market transactions done by you in the scrip of Aditya Infosoft Ltd. • Details of introduction i.e. who has introduced you to the stock broker / sub broker. Briefly narrate the kind of your relationship with the introducer.
Page 4 of 9 6. The noticee vide his letter dated 5.12.2006 submitted that he has not received any of the letter / summonses and hence he is unable to reply to the same. The noticee also requested to be provided with the details of the acknowledgements of the said letter / summonses to enable him to inquire about the whereabouts of the letter / summonses. Further, the noticee sought the copies of the letter / summonses to enable him to submit a detailed reply to the letter / summonses.
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Source: SecMarx — sebi:IVD-ID6/AIL/AO/DRK/AKS/EAD-3/263/29-11. 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.