sebi:Order/AA/AR/2019-20/5251
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed under Sections 15A(a) and 15C of the SEBI Act on ex-parte basis
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15J
- s. 15F
- s. 28A
- s. 15C
Parties
- Rashel Agrotech Ltd.
Holding
The Noticee violated SEBI Circulars No. CIR/OIAE/2/2011, CIR/OIAE/1/2012 and CIR/OIAE/1/2013 by failing to redress two pending investor grievances and to file ATRs within the stipulated time. The Noticee was held liable for monetary penalty under Sections 15A(a) and 15C of the SEBI Act and a penalty of Rs. 1,00,000 was imposed.
Full text
Adjudication order in the matter of Non redressal of Investor Grievances Page 2 of 10 investor complaints within the stipulated time and file ATRs in respect of such pending complaints. In view of the same, SEBI has initiated adjudication proceedings under Sections 15A(a) and 15C of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "SEBI Act") against the Noticee.
Adjudication order in the matter of Non redressal of Investor Grievances Page 3 of 10 than two years. As the complaints remain unresolved, it is alleged that you had failed to resolved all the complaints within 30 days. b) The alleged failure to furnish ATR and non-redressal of investor grievances, if proved makes you liable for penalty under Sections 15A(a) and 15C of the SEBI Act respectively.
Adjudication order in the matter of Non redressal of Investor Grievances Page 4 of 10 personal hearing offered to them in the adjudication proceedings and, therefore, appellants are presumed to have admitted charges levelled against them in the show cause notices…………….”. The Order passed by Hon’ble SAT is relied upon in this case for guidance. Therefore, I presume that the Noticee has admitted the charges alleged in the SCN. Therefore, in view of the above observations, I am compelled to proceed further in the matter ex- parte against the Noticee on the basis of the facts/material on record.
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Source: SecMarx — sebi:Order/AA/AR/2019-20/5251. 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.