sebi:Order/PM/VC/2020-21/9173
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Facts / Headnote
Penalty of Rs 10,00,000 imposed on the Noticee under Section 15A(a) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15J
- s. 11C(6)
- s. 11C(3)
- s. 11C
Parties
- Vishvjyoti Trading Limited
Holding
The Noticee violated Section 11C(3) of the SEBI Act by failing to comply with summonses dated February 22, 2017 and March 03, 2017, and a penalty of Rs 10,00,000 was imposed under Section 15A(a) of the SEBI Act.
Full text
Adjudication Order in respect of Vishvjyoti Trading Limited Page 2 of 14 Noticee, and to draw precise conclusions in the matter regarding the role of the Noticee, the Investigating Authority (IA) of SEBI had issued summons dated February 22, 2017 to the Noticee at its address located at 7A, Sai Shakti CHS, L T Road, Near Railway Station, Dahisar-west, Mumbai-400068 seeking certain details/information/records. The Noticee did not submit any reply to the summons. Upon non-receipt of any reply, vide summons dated March 03, 2017, the Noticee was again advised to submit the information/details/documents sought vide the earlier summons dated February 22, 2017. The said summons dated March 03, 2017 was also served on the Noticee and the same is evident from the postal confirmation which is on record. However, I observe that the Noticee has failed to furnish the information in spite of several reasonable opportunities provided to the Noticee. In view of the aforesaid, it was alleged that the Noticee has failed to comply with the summonses dated February 22, 2017 and March 03, 2017 and, therefore, adjudication proceedings were initiated against the Noticee under section 15A(a) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) for the violation of the provisions of Section 11C(3) of the SEBI Act by the Noticee. APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in respect of Vishvjyoti Trading Limited Page 3 of 14 inquire into and adjudge under the provisions of section 15A(a) of the SEBI Act for the alleged failure on the part of the Noticee to furnish the documents/information/details as required to be produced by it in terms of the summons dated February 22, 2017 and March 03, 2017, which were issued to the Noticee by the IA during the course of investigations and thereby, violating the provisions of Section 11C(3) of the SEBI Act. SHOW CAUSE NOTICE, HEARING AND REPLY
Adjudication Order in respect of Vishvjyoti Trading Limited Page 4 of 14 September 07, 2020. I note that the said Email was delivered at the Email ID of the Noticee viz. vishvjyotitrading@gmail.com, as available on the letterhead of the Noticee as well as website of Bombay Stock Exchange (BSE). However, the Noticee failed to appear for personal hearing on the scheduled date.
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Source: SecMarx — sebi:Order/PM/VC/2020-21/9173. 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.