sebi:PB/AO-25/2010
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Facts / Headnote
Violation established; monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 12
- s. 11C(2)
Regulations
- Reg. 7
Holding
The Noticee violated sections 11C(2) and 11C(3) of the SEBI Act by failing to comply with the summons issued by the Investigating Authority and was liable for penalty under section 15A(a). A monetary penalty of Rs. 5,00,000 was imposed on the Noticee.
Full text
Page 2 of 16 to as ‘SEBI Act’) and consequently, liable for monetary penalty under section 15A (a) of the SEBI Act. APPOINTMENT OF ADJUDICATING OFFICER
Page 3 of 16 6. In the interest of natural justice and in order to conduct an inquiry in terms of rule 4(3) of the Rules, the Noticee was granted an opportunity of personal hearing on March 19, 2010 vide notice dated March 03, 2010. Ms. Deepika Vijay, Advocate, Authorized Representative of the Noticee (hereinafter referred to as “AR”) appeared on behalf of the Noticee on March 19, 2010 and submitted, inter-alia, as under: “ • I have received the aforementioned Show Cause Notice only after getting hearing notice dated March 03, 2010 as the aforementioned Show Cause Notice was delivered at the old address of the company i.e. A-203, New Ashok Nagar, Delhi – 96”. I have understood the contents and allegations mentioned in the Show Cause Notice. • We had not replied as we received the aforesaid Show Cause Notice only after receiving the hearing notice and will make written submissions in this regard. • We had replied to the summons vide our letter dated April 02, 2009 and it came as surprise to get the aforementioned Show Cause Notice for non submission of the information sought by Investigating Authority by summons dated November 17, 2008. The courier receipt is not available as on date and the company Secretary who was working at that point of time has already left the Noticee long back. We are submitting the copy of letter dated April 02, 2009 addressed to Investigating Authority for your perusal. “
Page 4 of 16 Pursuant to the aforesaid hearing, the Noticee vide its letter dated March 25, 2010 made written submissions.
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Source: SecMarx — sebi:PB/AO-25/2010. 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.