sebi:PB/AO-68/2010
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Facts / Headnote
Violation not established; matter disposed of without monetary penalty
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 12
Holding
The alleged violation of sections 11C(2) and 11C(3) of the SEBI Act as specified in the SCN dated July 28, 2008 does not stand established, and the matter is accordingly disposed of without imposition of monetary penalty.
Full text
Page 2 of 11 1992 (hereinafter referred to as ‘SEBI Act’) and consequently, liable for monetary penalty under section 15A (a) of the SEBI Act.
Page 3 of 11 rejected by the High Powered Advisory Committee on September 10, 2009. 7. 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 April 08, 2010 vide notice dated March 31, 2010 sent through Western Regional Office (hereinafter referred to as WRO), SEBI to the Noticee. The said hearing notice was received and acknowledged by the Noticee. The Noticee vide letter dated April 05, 2010 requested to adjourn the hearing scheduled on April 08, 2010 citing short time span. Acceding to the request of the Noticee, another hearing opportunity was granted to the Noticee on May 04, 2010 vide letter dated April 21, 2010. The said hearing notice was received and acknowledged by the Noticee on April 23, 2010. Mr. Anish Kharidia, Company Secretary, appeared on behalf of the Noticee for the hearing on May 04, 2010 and sought time upto May 21, 2010 for filing written submissions which was granted to him.
Page 4 of 11 that IA has accordingly proceeded thereto. Therefore, the investigation has not been hampered or affected in any manner on account of non- furnishing of documents. • Summons dated January 31, 2008 were issued afresh without taking cognizance of reply dated December 27, 2007 to the summons dated December 19, 2007. During the intervening period, all efforts were made to collect information /documents/records to meet the compliance of summons as expeditiously as possible. But all efforts went in vain to the extent that could not defend the case properly and effectively by adducing new evidence against the allegation leveled against in the SCN. Therefore, limitation to source and collect information/documents/records more than 5 years old, under no circumstances can be viewed as non- compliance of summons.
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Source: SecMarx — sebi:PB/AO-68/2010. 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.