sebi:PB/AO-128/2010
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed on the Noticee for failure to comply with summonses under sections 11C(3) and 11C(5) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 11C
Parties
- Knox Finance Ltd.
Holding
The Noticee violated sections 11C(3) and 11C(5) of the SEBI Act by failing to comply with the summons dated December 27, 2004 issued by the Investigating Authority, and a monetary penalty of Rs. 1,00,000 was imposed under section 15A(a) of the SEBI Act.
Full text
Page 2 of 13 APPOINTMENT OF ADJUDICATING OFFICER 3. Mr. Piyoosh Gupta was appointed as Adjudicating Officer vide order dated June 02, 2006 under section 15 I of SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge under section 15A(a) of the SEBI Act. Consequent upon the transfer of Mr. Piyoosh Gupta, Mr. V.S Sundaresan had been appointed as the Adjudicating Officer vide
Page 3 of 13 mentioned in the said notification that if the Noticee failed to reply to the SCN within 14 days from the date of publication, it shall be presumed that the Noticee did not have any reply to submit and the matter would be further proceeded ex-parte. The press notification was issued as a substitute service, for the Noticee. The copy of SCN was also uploaded on SEBI website i.e. www.sebi.gov.in. However, I find that the Noticee neither collected the SCN nor replied to the SCN.
Page 4 of 13 after recording the reasons therefor. Despite having been given ample opportunities, the Noticee had failed to avail of the same. I am, therefore, compelled to proceed with the matter ex-parte based on the material available on record.
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Source: SecMarx — sebi:PB/AO-128/2010. 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.