sebi:PB/AO-14/2011
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Facts / Headnote
Violation of regulation 54(5) of DP Regulations established; monetary penalty of Rs. 1,00,000 imposed on the Noticee.
Provisions invoked
- s. 19
- s. 12
- s. 19H
- s. 19D
Regulations
- Reg. 199
- Reg. 54(5)
- Reg. 54
Parties
- SS Organics Limited (Noticee)
Holding
The Noticee violated regulation 54(5) of the DP Regulations by delaying dematerialization of securities for more than two years, and is liable for a monetary penalty of Rs. 1,00,000 under section 19D of the Depositories Act.
Full text
Page 2 of 20 The aforesaid delay is alleged to be in violation of regulation 54 (5) of SEBI (Depositories and Participants) Regulations 1996, (hereinafter referred as "DP Regulations") and liable for penalty under section 19D of the Depositories Act, 1996 (hereinafter referred to as the “Depositories Act”).
Page 3 of 20 5. In the interest of natural justice and in order to conduct an inquiry as per rule 4 (3) of the Rules, the Noticee was granted an opportunity of personal hearing by erstwhile Adjudicating Officer on December 11, 2008 at SEBI, Southern Regional Office, Chennai vide notice dated November 24, 2008. The said notice was sent through SPAD to the abovementioned last known address of the Noticee. The notice was delivered as per the signed acknowledgement card received. However, it is observed that the Noticee had neither appeared nor sought for an adjournment of hearing.
Page 4 of 20 Times” and Hindi national daily “Hindustan Times” on February 09, 2011 about the hearing notice requiring the Noticee to appear on February 18, 2011 at 11:00 A.M. The press notification was issued as a substitute service, for the Noticee.
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Source: SecMarx — sebi:PB/AO-14/2011. 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.