sebi:PAPL/AO/SKS/SG/DCR/03/2010

SEBI · SEBI · 2008-09-25 · Santosh Kumar Sharma, Adjudicating Officer

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Penalty imposed

Provisions invoked

• s. 15A
• s. 15
• s. 15J
• s. 15C

Parties

• M/s Pankaj Agro Protinex Limited

Holding

A consolidated penalty of Rs. 2,00,000 was imposed on M/s Pankaj Agro Protinex Limited under Sections 15C and 15A(a) of the SEBI Act, 1992 for failure to redress 61 investor grievances within the time specified by SEBI and failure to furnish the required report.

Full text

records. These grievances were referred to the noticee for redressal during various periods. 3. SEBI vide letter dated September 25, 2008 had directed the noticee to redress the pending investor complaints within 30 days and submit a status report. Since there was no response from the noticee, a reminder dated November 24, 2008 was sent to the noticee, advising the noticee to resolve the afore mentioned complaints and submit the status report within 7 days failing which SEBI may initiate such actions as deemed appropriate including initiation of adjudication proceedings.

imposing penalties by Adjudicating Officer) Rules, 1995, was issued to the noticee asking it to show the cause, by giving a written reply including evidence, if any, within 30 days from the date of service of this notice as to why enquiry should not be held against the noticee and a penalty is levied in accordance with Section 15 C and 15A (a) of the Act, 1992 read with the said Rules. The said SCN was sent by Registered Post Acknowledgement Due and the service of the same is available on record. However, no reply has been received from the Noticee in this regard.

13. The noticee vide letter dated January 5, 2010 enclosing annexure A to F has submitted the reply. The summary of its submissions are as follows-

Source: SecMarx — sebi:PAPL/AO/SKS/SG/DCR/03/2010. 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.