sebi:MC/DPS/2019-20/4064
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Facts / Headnote
Penalty imposed on the Noticee
Provisions invoked
- s. 15
- s. 15I
- s. 15J
- s. 15C
Parties
- Trigon Zinco Ltd
Holding
The Noticee, Trigon Zinco Ltd, failed to comply with SEBI Circulars No. CIR/OIAE/2/2011, CIR/OIAE/1/2012 and CIR/OIAE/1/2013 by failing to obtain SCORES authentication in time and failing to redress 9 pending investor grievances, and is liable for a penalty of Rs. 5,00,000 under Sections 15C and 15HB of the SEBI Act.
Full text
Adjudication Order in respect of Trigon Zinco Ltd Page 2 of 10 2. SEBI observed that certain companies including Trigon Zinco Ltd (hereinafter referred to as the Noticee/ Company) had neither obtained the SCORES authentication nor redressed the grievance of investor(s) and therefore, had failed to comply with the aforesaid SEBI Circulars.
Adjudication Order in respect of Trigon Zinco Ltd Page 3 of 10 7. The aforesaid SCN was issued through Registered Post Acknowledgement Due (RPAD) to the Noticee at the address – 402 Alankar Apartments, Dandia Bazar, Baroda, Gujarat – 390001. I note that at paragraph 9 of the SCN, the Noticee was advised to furnish its reply, if any, towards the SCN within 15 days of its receipt, failing which, it would be presumed that the Noticee has no reply to submit and the matter would be proceeded with on the basis of the material available on record.
Adjudication Order in respect of Trigon Zinco Ltd Page 4 of 10 181 of 2014 dated December 19, 2014), wherein, it observed, “…further, it is being increasingly observed by the Tribunal that many persons/entities do not appear before SEBI (Respondent) to submit reply to SCN or, even worse, do not accept notices/letters of Respondent and when orders are passed ex-parte by Respondent, appear before Tribunal in appeal and claim non-receipt of notice and do not appear and/or submit reply to SCN but claim violation of principles of natural justice due to not being provided opportunity to reply to SCN or not provided personal hearing. This leads to unnecessary and avoidable loss of time and resources on part of all concerned and should be eschewed, to say the least. Hence, this case is being decided on basis of material before this Tribunal…”. Keeping the aforesaid in mind, the adjudication proceedings against the Noticee are undertaken ex-parte on the basis of material available on record.
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Source: SecMarx — sebi:MC/DPS/2019-20/4064. 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.