sebi:ORDER/SBM/KL/2021-22/14007

SEBI · SEBI · 2021-03-03 · Suresh B Menon, Adjudicating Officer

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Adjudication proceedings abated

Provisions invoked

• s. 15A
• s. 15
• s. 19

Regulations

• Reg. 30

Parties

• Smt. Indu Goenka

Holding

The adjudication proceedings against the deceased Noticee, Smt. Indu Goenka, stand abated as she had passed away on April 01, 2014, prior to the initiation of the proceedings.

Full text

In the matter of ISG Traders Limited Page 2 of 3 2. As per the examination report of SEBI, there were two individual and seven corporate promoters of ISG during the above mentioned examination period. It is alleged that one of the promoters of ISG viz. Smt. Indu Goenka (hereinafter referred to as ‘Smt. Indu’/‘Noticee’), failed to make the necessary disclosures in respect of her shareholding and voting rights in ISG during the above mentioned examination period. In view of the same, it is alleged that the Noticee has violated the provisions of Regulations 30 (1) and 30 (2) r/w 30 (3) of the SAST Regulations. Therefore, adjudication proceedings were initiated against the Noticee under the provisions of section 15 A(b) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’).

In the matter of ISG Traders Limited Page 3 of 3 CONSIDERATION OF ISSUES AND FINDINGS: 6. I have perused the death certificate dated April 1, 2014 submitted in the matter and observe that the Noticee had expired on April 01, 2014. Before proceeding further in the matter on merit, it would be in the fitness of things to first decide as to whether on the death of the Noticee, the present adjudication proceedings against her would continue or abate.

APPOINTMENT OF ADJUDICATING OFFICER 3. The undersigned has been appointed as the Adjudicating Officer (‘AO’) in the matter vide communique dated March 03, 2021 under Section 19 of the SEBI Act read with Section 15-I of the SEBI Act and Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’), to inquire into and adjudge under the provisions of section 15 A(b) of the SEBI Act, the aforementioned alleged violation of the provisions of law by the Noticee. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING

Source: SecMarx — sebi:ORDER/SBM/KL/2021-22/14007. 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.