sebi:ORDER/MS/SB/2018-19/965

SEBI · SEBI · 2017-09-01 · S. Manjesh Roy, Adjudicating Officer

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Facts / Headnote

Penalty of Rs. 5,00,000 imposed under Section 15HB of SEBI Act for failure to obtain SCORES authentication; service of SCN and hearing notices held valid

Provisions invoked

• s. 15
• s. 15C

Parties

• Radiant Rotogravure Limited

Holding

The noticee, a listed company, failed to obtain SCORES authentication in breach of SEBI circulars and is liable to penalty under Section 15HB of the SEBI Act. Dispatch of hearing notices by SPAD to its MCA-registered office is valid service, and a penalty of Rs. 5,00,000 is imposed.

Full text

Adjudication order against Radiant Rotogravure Limited Page 2 of 8 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 4. A Show Cause Notice dated September 01, 2017, (herein after referred to as “SCN”) was issued to the Noticee under Rule 4 of the Rules, calling it to show cause as to why an inquiry should not be held against it in terms of Rule 4 of the Rules, read with section 15- I of SEBI Act and penalty be not imposed on it under Section 15 HB of the SEBI Act for its alleged non-compliance to provisions of cited circulars. The SCN was dispatched through Speed Post with Acknowledgement Due (hereinafter, SPAD) to the address of registered office of the noticee as available in the Portal of the Ministry of Corporate Affairs (hereinafter, MCA), however the same was returned undelivered with the endorsement “the company abolished”. A copy of the SCN was however affixed on the premise at the aforesaid address on September 16, 2017.

Adjudication order against Radiant Rotogravure Limited Page 3 of 8 b. Whether dispatching the SCN and Notices of Hearing as aforesaid to the address of the registered office of the noticee as available in MCA portal constitutes valid service as per the Rules?

Adjudication order against Radiant Rotogravure Limited Page 4 of 8 If any listed company or any person who is registered as an intermediary, after having been called upon by the Board in writing, to redress the grievances of investors, fails to redress such grievances within the time specified by the Board, such company or intermediary shall be liable to a penalty which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees.

Source: SecMarx — sebi:ORDER/MS/SB/2018-19/965. 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.