sebi:OIAE/EAD-3/AO/DRK-ASR/717/42-2015
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Facts / Headnote
Adjudication proceeding disposed of with no violation established and no penalty imposed
Provisions invoked
- s. 24
- s. 15C
Parties
- The Ugar Sugar Works Limited
Holding
The alleged violation of Section 15C of the SEBI Act, 1992 against The Ugar Sugar Works Limited was held difficult to establish and the present adjudication proceeding was accordingly disposed of without penalty.
Full text
Page 2 of 5 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING: 3. A Show Cause Notice No. A&E/EAD-3/DRK-BM/19464/2013 dated August 02, 2013 (hereinafter referred to as ‘SCN’) was served upon the Noticee on August 10, 2013 through Speed Post Acknowledgment Due to show cause as to why an inquiry should not be held against the Noticee and why penalty, if any, should not be imposed under Section 15C of the SEBI Act, for the alleged violation of non redressal of an investor grievance. The aforesaid complaint was filed by Shri Rameshwar Laxminarayan Sarda (hereinafter referred to as ‘the complainant / Laxminarayan) for “non-receipt of duplicate share certificate” on April 12, 2010.
Page 3 of 5 e. In view of the above, it was alleged in the SCN that the Noticee had failed to resolve an investor grievance within the stipulated time inspite of Noticee being called upon by SEBI in writing to do so and the same is in violation of Section 15C of the SEBI Act. The provision of Section 15C of the SEBI Act is reproduced hereunder;
Page 4 of 5 6. As requested, an opportunity of hearing was granted to the Noticee on November 28, 2013 at SEBI Bhavan, Mumbai vide hearing notice dated November 13, 2013 sent through Registered Post Acknowledgement Due. The proof of service of the aforesaid hearing notice to the Noticee is on record.
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Source: SecMarx — sebi:OIAE/EAD-3/AO/DRK-ASR/717/42-2015. 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.