sebi:ORDER/AO/GR/KG/2019-20/4538
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Facts / Headnote
Penalty imposed on the Noticee for failure to redress investor grievances and submit Action Taken Reports within stipulated timelines.
Provisions invoked
- s. 11B
- s. 11
- s. 15A
- s. 15
- s. 19
- s. 15F
- s. 28A
- s. 15C
Parties
- Nihon Nirman Limited
Holding
The Noticee, Nihon Nirman Limited, was held liable for failing to redress investor grievances within the 30-day timeline stipulated by SEBI Circulars dated August 13, 2012 and April 17, 2013, and for failing to submit Action Taken Reports, attracting penalties under Sections 15C and 15A(a) of the SEBI Act respectively. A total penalty of Rs. 2,00,000/- was imposed.
Full text
Page 2 of 10 Adjudication Order against Nihon Nirman Limited 2. It was alleged that Nihon Nirman Ltd (hereinafter, the Noticee/the Company) had failed to obtain the SCORES authentication, to redress investor grievances pending therein and to submit the Action Taken Reports duly supported by documentary evidence in respect of the pending complaints, within the timelines stipulated by SEBI, therefore not complying with the aforesaid SEBI Circulars.
Page 3 of 10 Adjudication Order against Nihon Nirman Limited response was received from the Noticee, a notice was sent on August 1, 2019 inter alia asking the Noticee to appear for personal hearing on August 20, 2019. A copy of the SCN was also sent along with the said letter. It was inter alia mentioned in the said notice that if the Noticee failed to appear before the Adjudicating officer on the said date and time, then the matter shall be proceeded with on the basis of the material available on record. As per the postal tracking report, the said notice was received by the Noticee on August 9, 2019, however, no response to the same has been received till date.
Page 4 of 10 Adjudication Order against Nihon Nirman Limited 6. While recording my finding, it is pertinent to have a brief narration on SCORES and its applicable Circulars.
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Source: SecMarx — sebi:ORDER/AO/GR/KG/2019-20/4538. 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.