sebi:Order/KS/VB/2019-20/3777
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Facts / Headnote
Penalty imposed on the Noticee for violation of SEBI circular
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 15F
- s. 28A
Parties
- Grace (India) Ltd
Holding
The Noticee, Grace (India) Ltd, violated SEBI circular No. CIR/OIAE/1/2013 dated April 17, 2013 by failing to obtain SCORES user ID and password within the prescribed time, and a penalty of Rs. 1,00,000/- was imposed under Section 15HB of the SEBI Act.
Full text
Page 2 of 9 APPOINTMENT OF ADJUDICATING OFFICER 3. Shri Amar Navlani was appointed as the Adjudicating Officer, vide order dated April 10, 2014 and communique dated May 07, 2014 under section 15-I(1) and (2) of SEBI Act and rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as "Adjudication Rules") to inquire into and adjudge under section 15HB of SEBI Act for the alleged violations of the provisions of SEBI circulars No. CIR/OIAE/1/2013 dated April 17, 2013 by the Noticee. Subsequently, the proceedings were transferred to the undersigned, which was intimated vide communique dated June 07, 2019.
Page 3 of 9 in Adjudicating Officer vide hearing notice dated July 12, 2019 and was given time till July 22, 2019 to provide any additional submissions/ documents in respect of the SCN. The Noticee was also granted a onetime final opportunity of hearing on July 26, 2019. During the Hearing held on July 26, 2019, Shri Avijit Ghoshal, Advocate (hereinafter referred to as ‘AR’) appeared on behalf of the Noticee and admitted to the violation of Circular dated April 17, 2013. AR also made its submissions vide Affidavit dated June 26, 2019 received at the time of at the time of hearing. The submissions of the Noticee are as given below Mr. Gopi Krishan Sharma being a CFO of the Company (India) Limited having registered office at 113/IB, Chittaranj Floor, Kolkata - 700 073 do hereby giving undertaking that the said Company was not followed the Circular issued by SEBI vide Circular No. CIR/OIAE/1/2013 dated 17.04.2013 where all Companies whose securities are listed on Stock Exchanges are required to obtain SCORES user ID and Password. That in terms of said Circular issued by the SEBI, the said Company namely Grace (India) Limited could not followed the same due to some inconvenience cause relating to the Business of the Company as the operation of the Company was struck since 1997 ( Scrip not Traded in CSTAR Since 1997). That thereafter the Company made compliance before The Calcutta Stock Exchange Limited and made payment for Rs. 2, 71, 400/- on 18.03.2019. Therefore the said Compan
Page 4 of 9 (b) Does the violation, if any, attract monetary penalty under Section 15HB of the SEBI Act, 1992? (c) If yes, what should be the quantum of penalty?
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Source: SecMarx — sebi:Order/KS/VB/2019-20/3777. 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.