sebi:ORDER/SS/AS/2019-20/6360
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Facts / Headnote
SCN dated March 02, 2015 disposed of without imposition of monetary penalty
Provisions invoked
- s. 15A
- s. 15H
- s. 15I
- s. 15J
- s. 15C
Parties
- Industrial Progressive (India) Ltd.
Holding
The SCN dated March 02, 2015 was disposed of without imposing any monetary penalty. The Noticee was held not liable for penalty under Section 15A(a), and no penalty was deemed fit under Section 15C.
Full text
_______________________________________________________________________________ Adjudication Order in the matter of Industrial Progressive (India) Ltd. Page 2 of 3 (File Ref No.: EAD-2/SS/AKS/76/152/2019-20)
_______________________________________________________________________________ Adjudication Order in the matter of Industrial Progressive (India) Ltd. Page 3 of 3 (File Ref No.: EAD-2/SS/AKS/76/152/2019-20)
4. After receipt of records of these proceedings, it was noted that there is no progress in the proceedings after issuance of the notice to show cause no. ILO/AO/AS/6425/2015 dated March 02, 2015 (‘the SCN’) to the Noticee by the erstwhile AO in terms of Rule 4(1) of the Adjudication Rules read with section 15I of the SEBI Act. It was also noted that no records/ documents are available on file to show that SCN has been duly delivered to the Noticee. Further, there is no effort made for service of the SCN, thereafter. Thus, it was noted that SCN was not served upon the Noticee at all by way of any prescribed mode.
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Source: SecMarx — sebi:ORDER/SS/AS/2019-20/6360. 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.