sebi:Order/MC/ST/2021-22/11973

SEBI · SEBI · 2012-01-31 · Maninder Cheema, Adjudicating Officer

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Facts / Headnote

Abated - no penalty imposed

Provisions invoked

• s. 15H

Parties

• Mr. Balasaheb J Kamble

Holding

The adjudication proceedings initiated against Mr. Balasaheb J Kamble vide SCN No. EAD-7/PB/AK/21005/2011 dated June 30, 2011 were abated without going into the merits and no penalty was imposed following the Noticee's death on August 31, 2018.

Full text

Adjudication Order in respect of trading activities in the scrip of Flawless Diamond India Ltd. Page 2 of 4 “…., the impugned order dated January 31, 2012 is quashed and set aside and the matter is restored to the file of the adjudicating officer for passing fresh order on merits and in accordance with law.”

Adjudication Order in respect of trading activities in the scrip of Flawless Diamond India Ltd. Page 3 of 4 Noticee failed to reply to the SCN within 14 days from the date of publication, it shall be presumed that the Noticee does not have any reply to submit and the matter would be further proceeded ex-parte. The copy of SCN was also uploaded on SEBI website i.e. www.sebi.gov.in. However, I find that Noticee neither collected SCN nor replied to the SCN.

Adjudication Order in respect of trading activities in the scrip of Flawless Diamond India Ltd. Page 4 of 4 10. I note that the Hon’ble Supreme Court’s Order in the case of Girija Nandini vs. Bijendra Narain Choudhury (AIR 1967 SC 2110) stated that in case of personal actions, i.e. the actions where the relief sought is personal to the deceased, the right to sue will not survive to or against the representatives, and in such cases the maxim “actiopersonalismoritur cum persona” (personal action dies with the death of the person) would apply, and the said view was subsequently followed by SEBI in the case of M/s. Sakthi Finance Limited, wherein Adjudication Proceedings against Late N. Mahalingam were abated. In the present case, I note from the copy of the Death Certificate that the Noticee had passed away on August 31, 2018.

Source: SecMarx — sebi:Order/MC/ST/2021-22/11973. 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.