sebi:NSL/AO/SKS/SG/DCR/01/2010
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Facts / Headnote
Penalty imposed on the noticee for violation of sections 15C and 15A(a) of the SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15C
Parties
- M/s Nexus Software Limited
Holding
The Adjudicating Officer imposed a consolidated penalty of Rs. 10,00,000 on M/s Nexus Software Limited for violating sections 15C and 15A(a) of the SEBI Act, 1992, for failing to redress 57 pending investor grievances and failing to furnish information to SEBI.
Full text
2 there was no response from the noticee, a reminder letter dated November 24, 2008 was sent to the noticee, advising the noticee to resolve the aforementioned complaints and submit the status report within 7 days failing which SEBI may initiate such actions as deemed appropriate including initiation of adjudication proceedings. However, the said reminder letter was returned undelivered.
3 6. Because of there is no other address available on the file except the aforesaid address where the SCN was isuued, the undersigned has extensively searched on website for finding out any other addresses of the noticee. At last, the undersigned has found on the websites of Ministry of Corporate Affairs as well as Bombay Stock Exchange, one address of the noticee at Vadodara which is a different location compared to the address mentioned on SCN. The undersigned has also found on the database of Capitaline (a database website for most of the Indian companies) another address of the noticee in Mumbai. Undersigned vide letters dated November 16, 2009 has forwarded the aforesaid SCN to the aforesaid two addresses, advising the noticee to submit reply to the said SCN within 14 days of receipt of this letter. However, the letter which was sent to Vadodara address was returned undelivered with comments ‘left’. The letter which was sent SEBI office boy namely Mr. Digvijay to Mumbai address had found that there was no office and instead a building was under construction.
4 10. Vadodara Stock Exchange vide letter dated May 24, 2010 has informed that the aforesaid hearing notice dated May 14, 2010 was duly hand delivered to the noticee by their executive Mr. Manish Dalal on May 20, 2010. However, no reply has been received so far in this regard.
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Source: SecMarx — sebi:NSL/AO/SKS/SG/DCR/01/2010. 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.