sebi:OIAE/KOEIL/AO/DRK/BM/EAD-3/324/22-2012
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed
Provisions invoked
- s. 24
- s. 15A
- s. 15
- s. 15J
- s. 15C
Parties
- Kanel Oil & Export Industries Limited
Holding
The noticee, Kanel Oil & Export Industries Limited, was held liable for violating Sections 15C and 15A(a) of the SEBI Act for failing to redress investor grievances within the specified time and failing to submit a status report as directed by SEBI, and a consolidated monetary penalty of Rs. 5,00,000 was imposed.
Full text
Page 2 of 8 adjudication proceedings was transferred to the undersigned vide SEBI order dated January 17, 2012. Show Cause Notice, Reply and Hearing
Page 3 of 8 earlier letter dated July 21, 2010. The noticee also submitted that as on the date of its reply, it had resolved all the investor grievances, including the investor grievances referred to it by SEBI. The noticee enclosed copies of its letters dated March 8, 2011, April 26, 2011 and May 13, 2011 addressed to the Office of Investor Assistance and Education, SEBI as a proof of redressal of the grievances. It was submitted that SEBI vide e-mail dated May 24, 2011 confirmed, that no investor complaint was pending against it as on May 24, 2011. The noticee further pleaded that no penalty may be imposed on it since the violations were not intentional but due to the bad financial position of the noticee. It was further submitted that by an interim order dated December 15, 2010 passed by the Whole Time Member of SEBI (referred to as the WTM), the noticee and its directors were restrained from accessing the securities market and were prohibited from buying, selling or otherwise dealing in securities, directly or indirectly till all the pending investor grievances against the noticee are resolved and the same is reported to and confirmed by SEBI, for non-redressal of investor grievances and thereby the noticee and its directors had already been penalised for the alleged violations.
Page 4 of 8 and the proof of service is available on record. Since no response to the hearing notice dated August 27, 2012 was received from the noticee, another opportunity of hearing was granted to the noticee vide notice dated September 11, 2012 advising the noticee to appear for a personal hearing before the adjudicating officer on September 21,
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Source: SecMarx — sebi:OIAE/KOEIL/AO/DRK/BM/EAD-3/324/22-2012. 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.