sebi:Order/GR/KG/2019-20/6419
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Facts / Headnote
Penalty imposed on the Noticee for failure to obtain SCORES authentication and failure to redress investor grievances
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 19
- s. 15H
- s. 15F
- s. 28A
- s. 15C
Parties
- Patel Food Product Limited
Holding
The Noticee, Patel Food Product Limited, was held liable for failing to obtain SCORES authentication within the stipulated timeline and for failing to redress investor grievances within the specified time, attracting penalties under Sections 15HB and 15C of the SEBI Act respectively. A total penalty of Rs. 2,00,000/- was imposed.
Full text
Page 2 of 11 Adjudication Order in the matter of Patel food Product Limited therein and to submit the Action Taken Reports duly supported by documentary evidence in respect of the pending complaints, within the timelines stipulated by SEBI, therefore not complying with the aforesaid SEBI Circulars.
Page 3 of 11 Adjudication Order in the matter of Patel food Product Limited submit the Action Taken report, respectively. The SCN had returned undelivered from the address of the Noticee, which was obtained from the MCA portal. Thereafter, subsequent to the transfer of the proceedings to the undersigned, an opportunity of personal hearing was granted to the Noticee on August 20, 2019, vide notice dated August 1, 2019. The said notice retruned undelivered with the postal endorsement “left”. It was inter alia mentioned in the said notice that if the Noticee failed to appear before the Adjudicating officer on the said date and time, then the matter shall be proceeded with on the basis of the material available on record. Thereafter, vide newspaper publication dated October 10, 2019, the Noticee was provided opportunity of personal hearing on October 15, 2019. Despite the same, no response has been received from the Noticee till date.
Page 4 of 11 Adjudication Order in the matter of Patel food Product Limited 6. Given the aforesaid, I proceed in the matter on the basis of the material available on records and the issues that arise for consideration in the present case are:
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Source: SecMarx — sebi:Order/GR/KG/2019-20/6419. 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.