sebi:Order/GR/AE/2020-21/7793

SEBI · SEBI · 2019-12-24 · G Ramar, 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

Penalty imposed on the Noticee for failure to redress investor grievances in SCORES within stipulated timelines

Provisions invoked

• s. 11B
• s. 11
• s. 15
• s. 19
• s. 15J
• s. 15F
• s. 28A
• s. 15C

Parties

• Supriya Pharmaceuticals Limited

Holding

The Noticee, Supriya Pharmaceuticals Limited, failed to redress investor grievances pending in SCORES within the timelines stipulated by SEBI circulars, thereby rendering it liable for penalty under Section 15C of the SEBI Act. A penalty of Rs. 1,00,000/- was imposed on the Noticee.

Full text

Adjudication Order in respect of Supriya Pharmaceuticals Limited Page 2 of 9 SCORES within the timelines stipulated by SEBI, therefore not complying with the aforesaid SEBI Circulars. APPOINTMENT OF ADJUDICATING OFFICER

Adjudication Order in respect of Supriya Pharmaceuticals Limited Page 3 of 9 5. Pursuant to the appointment of the undersigned as AO, an opportunity to make

Adjudication Order in respect of Supriya Pharmaceuticals Limited Page 4 of 9 7. Further, the same position is reiterated by the Hon’ble SAT in the matter of Dave Harihar Kirtibhai Vs SEBI (Appeal No. 181 of 214 dated December 19, 2014), wherein the Hon’ble SAT observed as under: “...further, it is being increasingly observed by the Tribunal that many persons/entities do not appear before SEBI (Respondent) to submit reply to SCN or, even worse, do not accept notices/letters of Respondent and when orders are passed ex-parte by Respondent, appear before Tribunal in appeal and claim non- receipt of notice and do not appear and/or submit reply to SCN but claim violation of principles of natural justice due to not being provided opportunity to reply to SCN or not provided personal hearing. This leads to unnecessary and avoidable loss of time and resources on part of all concerned and should be eschewed, to say the least. Hence, this case is being decided on basis of material before this Tribunal...”

Source: SecMarx — sebi:Order/GR/AE/2020-21/7793. 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.