sebi:Order/SBM/JR/2020-21/11256
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Facts / Headnote
Penalty of Rs. 2,00,000 imposed on Looklike Trade Private Limited under section 15A(a) of the SEBI Act
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 12
- s. 11C(3)
- s. 11C(2)
Parties
- Looklike Trade Private Limited
Holding
The Noticee violated sections 11C(2) and 11C(3) of the SEBI Act by failing to comply with summons dated November 6, 2019 and is liable for monetary penalty under section 15A(a) of the SEBI Act.
Full text
Page 2 of 12 2. It was observed that 20 entities, including the Noticee had entered into off- market transactions with each other in the scrip of Voltaire during the said period. Therefore, in order to ascertain the facts and the role of the Noticee in the matter, the Investigating Authority of SEBI (hereinafter referred to as “IA”) issued summons to the Noticee under the provisions of Sections 11C(2) read with 11C(3) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) to produce/submit certain details/records/information/documents w.r.t its trading/dealing in the scrip of Voltaire. It is alleged that the Noticee failed to furnish the information sought for by the IA and had not complied with the summons issued to it by SEBI under the provisions of sections 11C (2) and 11C (3) of the SEBI Act. In view of the same, adjudication proceedings were initiated against the Noticee under the provisions of section 15 A (a) of the SEBI Act. APPOINTMENT OF ADJUDICATING OFFICER
Page 3 of 12 SEBI Act. It is noted that the SCN was served on the Noticee on August 12, 2020 by way of digitally signed email, which was sent to the email ID of the Noticee available on record. However, no reply was received from the Noticee. In the interest of natural justice, an opportunity of personal hearing was granted to the Noticee on January 29, 2021, vide letter dated January 7, 2021. Attempt was made to hand deliver and to affix the said letter on the last known address of the Noticee. However, the letter could not be delivered or affixed on the address of the Noticee as the Noticee was not found at the last known address. Hence, the report of affixture was received with the comment “entity not found, hence pasted”. However, it was observed that there was no witness to the said affixture, which was required as per law. Therefore, another opportunity of personal hearing was provided to the Noticee to appear before the undersigned on March 25, 2021, vide email dated March 12, 2021. Copy of the SCN and the previous hearing notices along with the hearing notice dated March 12, 2021 were sent to the email addresses s.lagarwal83@gmail.com and shreem32@gmail.com i.e to the same email IDs where the SCN issued to the Noticee was digitally sent and served on the Noticee. It is observed that Noticee neither responded to the SCN nor appeared for the personal hearing on the stipulated date.
Page 4 of 12 6. Further, Rule 4(7) of the Adjudication Rules, which is reproduced below also mentions the following:- “If any person fails, neglects or refuses to appear as required by sub-rule(3) before the Board or the adjudicating officer, the Board or the adjudicating officer may proceed with the inquiry in the absence of such person after recording the reason for doing so.”
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Source: SecMarx — sebi:Order/SBM/JR/2020-21/11256. 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.