sebi:Order/PB/UR/2023-24/28401-28400
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Facts / Headnote
Penalty imposed on the Noticee for violation of sections 11(2)(i) and 11C(3) read with section 11C(2) of the SEBI Act
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 19
- s. 11B
- s. 12
- s. 11(2)
- s. 27
- s. 15I
- s. 15J
- s. 11C
- s. 11C(3)
- s. 15F
- s. 28A
- s. 11C(2)
- s. 25
- s. 23
- s. 11C(5)
Parties
- Jyoti Munver PAN: ALSPM2060P
Holding
The Noticee, an independent director of Aadhaar Ventures India Ltd., violated sections 11(2)(i) and 11C(3) read with 11C(2) of the SEBI Act by failing to comply with summonses issued by the Investigating Authority, and a penalty of Rs. 5,00,000 was imposed under section 15A(a) of the SEBI Act.
Full text
Adjudication Order in respect of Aadhaar Ventures India Ltd. Page 2 of 24 to examine on oath vide summons dated July 30, 2021 under Section 11 C (3) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”), however no reply was received from the Noticee.
Adjudication Order in respect of Aadhaar Ventures India Ltd. Page 3 of 24 APPOINTMENT OF ADJUDICATING OFFICER 7. Subsequent to the aforesaid Hon’ble SAT order, the undersigned was appointed as Adjudicating Officer (hereinafter referred to as “AO”) under sub-section 1 of section 15-I of the SEBI Act read with section 19 of SEBI Act and rule 3 of SEBI (Procedure for Holding Inquiry and imposing penalties) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) conveyed vide communique dated May 03, 2022 to inquire into and adjudge under the aforesaid alleged violations against the Noticee, and if satisfied that the Noticee is liable, impose such penalty as deemed fit in terms of rule 5 of Adjudication Rules and section 15A(a) of the SEBI Act.
Adjudication Order in respect of Aadhaar Ventures India Ltd. Page 4 of 24 Sr.No. Date and Time Announcement/News 2. To appoint a leading Global Management Consultancy firm for Due Diligence. 3. 08/08/2014 13:22:35(BSE) AVIL informed BSE that a meeting of the Board of Directors of the company will be held on August 14, 2014, to consider the setting up of a wholly owned subsidiary company in Singapore, subject to all legal permissions. 4. 14/08/2014 13:21:54(BSE) AVIL informed BSE that the Board of Directors of the company at its meeting held on August 14, 2014, had decided to form a company based in Singapore as a wholly owned subsidiary company subject to all prevailing legal provisions and sanctions.
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Source: SecMarx — sebi:Order/PB/UR/2023-24/28401-28400. 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.