sebi:ORDER/BD/VS/2019-20/4545

SEBI · SEBI · 2014-04-10 · B J Dilip, Adjudicating Officer

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Facts / Headnote

Penalty of Rs. 1,00,000 imposed on the Noticee under Section 15HB of the SEBI Act, 1992

Provisions invoked

• s. 15
• s. 15H
• s. 15I
• s. 15J
• s. 28A

Parties

• M/s Kanchan Udyog Limited

Holding

The Noticee, a company listed on Calcutta Stock Exchange, violated SEBI Circular No. CIR/OIAE/1/2013 dated April 17, 2013 by failing to obtain SCORES authentication within 30 days, and is liable for monetary penalty under Section 15HB of the SEBI Act, 1992. A penalty of Rs. 1,00,000 was imposed.

Full text

Adjudication Order in respect of M/s Kanchan Udyog Limited Page 2 of 11 APPOINTMENT OF ADJUDICATING OFFICER 3. Shri Amar Navlani was appointed as the Adjudicating Officer (hereinafter referred to as 'AO') vide order dated April 10, 2014 under Section 15-I of the SEBI Act, 1992 and Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as the “AO Rules”) to inquire and adjudge under the provisions of Section 15HB of the SEBI Act, 1992, the alleged violations of the Noticee. Subsequently, the undersigned was appointed as AO vide Order dated January 8, 2019. The order appointing the undersigned was communicated vide communiqué dated June 07, 2019.

Adjudication Order in respect of M/s Kanchan Udyog Limited Page 3 of 11 Stock Exchange. We have so far not received any complaint from the shareholders on scores as whenever there is a grievance from shareholder we immediately take care of the same and resolve the same well within the allotted time of 15 days.

Adjudication Order in respect of M/s Kanchan Udyog Limited Page 4 of 11 7. Pursuant to the transfer of the extant adjudication proceedings to the undersigned, the Noticee was provided with another opportunity to submit additional reply, if any, vide Notice dated July 10, 2019 along with an opportunity of hearing on July 29, 2019. The Notice was duly delivered on the Noticee as per the tracking details obtained from India Post website. However the Noticee failed to submit any reply and also failed to appear before the AO on the date of hearing.

Source: SecMarx — sebi:ORDER/BD/VS/2019-20/4545. 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.