sebi:Order/MC/DPS/2019-20/5637

SEBI · SEBI · 2012-11-09 · Maninder Cheema, Adjudicating Officer

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Facts / Headnote

Violation of SCORES circulars established; penalty of Rs 2,00,000 imposed under Section 15C; no penalty imposed under Section 15A(a)

Provisions invoked

• s. 15A
• s. 15
• s. 15I
• s. 15J
• s. 15C

Parties

• Sonal Shil-Chem Limited

Holding

The Noticee failed to redress 11 pending SCORES investor grievances and file ATRs in violation of SEBI SCORES Circulars, and is liable for monetary penalty under Section 15C of the SEBI Act. A penalty of Rs 2,00,000 was imposed under Section 15C, with no penalty under Section 15A(a).

Full text

Adjudication Order in respect of Sonal Shil-Chem Limited Page 2 of 10 referred to as the “Adjudication Rules”) vide order dated November 9, 2012, to inquire into, and adjudge under section 15C and 15A(a) of the SEBI Act, the alleged violations committed by the Noticee. Subsequently the matter was transferred from Shri Sudeep Mishra to Shri Achal Singh and then to Shri Anindya K Das vide communique dated June 22, 2015.

Adjudication Order in respect of Sonal Shil-Chem Limited Page 3 of 10 Taken Report (ATR) on SCORES. It was observed that 10 investor complaints were pending as on April 15, 2013 against the Noticee and Noticee was asked vide letter dated April 15, 2013 to resolve the said complaints within 14 days from the date of receipt of the letter and submit ATR. Since the Noticee did not comply with the direction to redress the pending complaints, another letter dated May 20, 2013 was sent to the Noticee and its directors to redress the pending complaints. However, the Noticee failed to file ATR in respect of the complaints.

Adjudication Order in respect of Sonal Shil-Chem Limited Page 4 of 10 11. Therefore, another opportunity of hearing was provided to the Noticee on October 15, 2019 vide notice September 18, 2019 through affixture at the last known addresses of the Noticee – Sonal Shil-Chem Limited, 304, Akruti Complex, Nr. Stadium Six Road Circle, Navrangpura, Ahmedabad, Gujarat -

Source: SecMarx — sebi:Order/MC/DPS/2019-20/5637. 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.