sebi:OIAE/SVAHL/AO/DRK-DS/EAD3-407/73-2013
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Facts / Headnote
Alleged violation of Section 15C not established; no penalty imposed
Provisions invoked
- s. 24
- s. 15C
Parties
- Swasti Vinayak Art and Heritage Corporation Ltd.
Holding
The alleged violation of Section 15C of the SEBI Act by the noticee could not be established and no penalty 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/18381/2013 dated July 23, 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 the noticee for the alleged violation of the provision of Section 15C of the SEBI Act.
Page 3 of 7 6. It was observed that the noticee had neither replied to the aforesaid letters dated January 22, 2013, February 15, 2013 and March 8, 2013 nor redressed all the investor grievances within the stipulated time inspite of being called upon by SEBI in writing to do so. Further, it is observed that as on May 24, 2013 there was 1 investor grievance pending against the noticee for redressal for more than two years.
Page 4 of 7 complaints under reference were actually resolved much earlier than reported on SCORES due to delayed reporting. d. With regard to your letters dated January 22, 2013, February 15, 2013 and March 8, 2013 though no replies were made but company had taken steps for redressing the complaints and reporting was done on SCORES as per the systems set up by SEBI. We therefore offer our apology for not replying to aforesaid letters and request you to consider our case on the basis of action taken by the company in resolving the complaints. e. All but one complaint were in fact resolved even before your first letter dated January 22, 2013.
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Source: SecMarx — sebi:OIAE/SVAHL/AO/DRK-DS/EAD3-407/73-2013. 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.