sebi:Order/SM/DD/2021-22/13300
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Disposed of as not maintainable
Provisions invoked
- s. 15A
- s. 15
- s. 11C(3)
- s. 11C(2)
- s. 33(5)
- s. 33
- s. 52
- s. 34(1)
Regulations
- Reg. 7(2)(b)
Parties
- Supreme TexMart Ltd.
Holding
The adjudication proceedings against Supreme TexMart Ltd. for alleged violations of Section 11C(2) read with Section 11C(3) of SEBI Act and Regulation 7(2)(b) of PIT Regulations were held not maintainable and disposed of without adjudication on merits.
Full text
Adjudication Order in respect of Supreme TexMart Ltd. in the matter of Supreme TexMart Ltd. Page 2 of 6 3. Therefore, SEBI initiated adjudication proceedings against Noticee under the provisions of:- a. Section 15A(a) of SEBI Act for the alleged violation of non- compliance with Section 11C(2) read with Section11C(3) of SEBI Act; b. Section 15A (b) of SEBI Act for the alleged violation of non-compliance with Regulation 7(2)(b) of PIT Regulations by Noticee in the matter.
Adjudication Order in respect of Supreme TexMart Ltd. in the matter of Supreme TexMart Ltd. Page 3 of 6 hampered the investigation since in absence of the same, the exact nature and purpose of the fund transactions between STML and Creative Vision could not be established and therefore, no conclusion could be drawn on Creative Vision’s involvement or otherwise in the Modus Operandi.
Adjudication Order in respect of Supreme TexMart Ltd. in the matter of Supreme TexMart Ltd. Page 4 of 6 7. The SCN was sent to Noticee through Speed Post Acknowledgement due (herein after referred to as ‘SPAD’) on October 16, 2020 and digitally signed email dated October 19, 2020. The SCN send through digitally signed email was duly served upon Noticee. Noticee was given fifteen (15) days’ time to make his submissions in respect of the
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:Order/SM/DD/2021-22/13300. 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.