sebi:PB/AO-33/2010
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Facts / Headnote
Violation established; monetary penalty of Rs. 1,50,000 imposed on the Noticee
Provisions invoked
- s. 19
- s. 12
- s. 16
- s. 22
- s. 25
- s. 17
- s. 20(1)
- s. 19H
- s. 19D
- s. 15(1)
- s. 13(4)
- s. 19I
- s. 22(1)
Regulations
- Reg. 199
- Reg. 54(5)
- Reg. 54
Parties
- RIPL
Holding
The Noticee violated Regulation 54(5) of the DP Regulations by failing to complete dematerialization within the stipulated time and is liable for monetary penalty under Section 19D of the Depositories Act. A monetary penalty of Rs. 1,50,000 was imposed on the Noticee.
Full text
Page 2 of 19 2. 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 19 2000. By an Order dated 25th May 2004 passed by the BIFR, the BIFR formed the prima facie opinion that it would be just, equitable and in the public interest that our Company be wound up in terms of Section 20(1) of the said Act and the said opinion was to be forwarded to the concerned High Court along with the copies of the order passed by the BIFR. An appeal was filed by RIPL against the order passed by BIFR before Appellate Authority For Industrial and Financial reconstruction (hereinafter referred to as “AAIFR”). AAIFR by its order dated September 09, 2005 stayed the operation of the order of BIFR dated May 25, 2004 recommending the winding up of the company. In the circumstances set out hereinabove, no proceedings can be initiated against RIPL by SEBI without obtaining the requisite permission from the BIFR. Therefore, the enquiry proceedings against RIPL to be quashed and in any case the same cannot be proceeded with till such time the company comes out of the purview of the said Act.
Page 4 of 19 Inspite of whatever stated above if any penalty is levied against us; it may not be possible for us to make payment of the same. In the circumstances set out hereinabove, we hope and trust that you will appreciate the position in which we are put in and Enquiry contemplated against us will be done away with. We would request you to give us the opportunity of being personally heard so that we can explain our position in person.
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Source: SecMarx — sebi:PB/AO-33/2010. 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.