sebi:Order/KS/AS/2021-22/11422

SEBI · SEBI · 2020-12-22 · K Saravan, Adjudicating Officer

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Facts / Headnote

Adjudication proceedings abated and closed without going into the merits of the case; no penalty imposed.

Provisions invoked

• s. 15A
• s. 15
• s. 11(2)
• s. 11C
• s. 23
• s. 23H
• s. 16

Parties

• Late Shri Rakesh Patel

Holding

The Adjudication Proceedings initiated against the Noticee, Late Shri Rakesh Patel, are liable to be abated as the Noticee died during the pendency of the proceedings, and no penalty is imposed.

Full text

Adjudication order in respect of Late Shri Rakesh Patel in the matter of Timbor Home Ltd Page 2 of 3 APPOINTMENT OF ADJUDICATING OFFICER

Adjudication order in respect of Late Shri Rakesh Patel in the matter of Timbor Home Ltd Page 3 of 3 Noticee were liable to be abated and the adjudication proceedings in the matter be treated as closed.

2. In this regard, SEBI initiated Adjudication Proceedings against the Noticee and appointed undersigned as Adjudicating Officer, conveyed vide communique dated December 22, 2020, under Section 23-I of the SCRA, 1956 and Rule 3 of the Securities Contract (Regulations) (Procedure for Holding Inquiry and Imposing Penalties) Rules, 2005 (hereinafter referred to as “Adjudication Rules, 2005”) to inquire and adjudge under Section 23H of the SCRA, 1956 the alleged violations of Section 2(i) read with Section 16, 13 and 18 of the SCRA, 1956, read with SEBI Notification No. LAD-NRO/GN/2013-14/26/6667 dated October 03, 2013, and under Section 15-I of the SEBI Act, 1992 and Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as “Adjudication Rules, 1995”) to inquire and adjudge under Section 15A(a) of the SEBI Act, 1992 the alleged violations of Section 11C (3) read with Section 11(2) and 11(3) of the SEBI Act, 1992, by the Noticee.

Source: SecMarx — sebi:Order/KS/AS/2021-22/11422. 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.