sebi:OIAE/SECL/AO/DRK-DS/EAD3-405/71-2013
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Facts / Headnote
Ex parte penalty imposed on noticee
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15C
Parties
- Sun Earth Ceramics Ltd.
Holding
Sun Earth Ceramics Ltd. was held liable for violation of Sections 15C and 15A(a) of the SEBI Act for failure to redress investor grievances and failure to submit ATR, and a consolidated penalty of Rs 15,00,000 was imposed.
Full text
Page 2 of 7 SHOW CAUSE NOTICE, HEARING AND REPLY 3. A Show Cause Notice No. A&E/EAD-3/DRK-DS/18832/2013 dated July 30, 2013 (hereinafter referred to as 'SCN') was served on the noticee in terms of the provisions of Rule 4 of the Rules, requiring the noticee to show cause as to why an inquiry should not be held against the noticee and why penalty, if any, should not be imposed on it for the alleged violation of the provision of Sections 15A(a) and 15C of the SEBI Act.
Page 3 of 7 Further, as on May 24, 2013 the noticee had not approached SEBI for the authentication of SCORES. 7. The SCN stated that the reply shall reach within 15 days from date of receipt of the notice, failing which it shall be presumed that the noticee has no reply to submit and the matter shall be proceeded on the basis of material available on record. The aforesaid SCN was sent through Hand Delivery Acknowledgment Due (HDAD) and the same was served on the noticee.
Page 4 of 7 13. It was alleged in the SCN that the noticee has not replied to the SEBI letter dated February 15, 2013 and redressed all the 17 pending investor grievances within the stipulated time inspite of being called upon by SEBI in writing to do so. . It was observed that 12 out of the said 17 complaints are pending for more than 2 years. Further it was also alleged that the noticee did not submit the ATR on SCORES.
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Source: SecMarx — sebi:OIAE/SECL/AO/DRK-DS/EAD3-405/71-2013. 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.