sebi:Order/GR/RK/2019-20/7015
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 15F
- s. 28A
- s. 15C
Parties
- Information Technologies (India) Limited
Holding
The Noticee violated SEBI circulars by failing to obtain SCORES authentication and to redress pending investor grievances within the stipulated time. A total penalty of Rs. 2,00,000 (Rs. 1,00,000 under Section 15C and Rs. 1,00,000 under Section 15HB) was imposed on Information Technologies (India) Limited.
Full text
Adjudication Order in respect of Information Technologies (India) Limited Page 2 of 11 to redress investor grievances pending therein within the timelines stipulated by SEBI, therefore not complying with the aforesaid SEBI Circulars. APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in respect of Information Technologies (India) Limited Page 3 of 11 5. In response to the newspaper advertisement, the Noticee vide its letter dated January 01, 2018 stated that its correspondence address was – Village Gujartola, Raebareilly Amethi Road, Gauriganj, Dist. Sultanpur, UP, and requested for the SCN to be sent to its aforesaid address. Accordingly, vide letter dated January 12, 2018, copy of the SCN was forwarded to the Noticee. Subsequently, the Noticee vide its letter dated February 01, 2018 requested for copy of the investor complaint to understand the nature of the complaint and take suitable action. Vide letter dated March 14, 2018, SEBI informed the Noticee that SCORES authentication has not been taken by it and further, a copy of the complaint no. SEBIE/UP13/0000563/1 by complainant Kishore Sevaklal Dada was forwarded to the Noticee. From the available records, it is noted that no response to the same was received from the Noticee.
Adjudication Order in respect of Information Technologies (India) Limited Page 4 of 11 The above-said company has no employee. We have been nominal directors on the board of above-said company just to consists its mandatory coram in terms of provisions of the Companies Act, 1956 I 2013. We are not aware about the past records or alleged non compliances by the above-said company. Any such alleged default is without any deliberate intention or due to willful act of the company or its directors. We have no information regarding any alleged SEBI violation or proceedings. In absence of requisites record, we are unable to comment on your letter under reply. We hope that you will appreciate our bonafide and genuine reason in this regard. WE have every intention to cooperate in your investigation but helpless due to non-availability of record. We therefore request you to withdraw the above-said notice.”
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Source: SecMarx — sebi:Order/GR/RK/2019-20/7015. 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.