sebi:PB/AO-93/2011
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed under Section 15A(a) for violation of Sections 11C(2) and 11C(3)
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 12
Parties
- Vishvas Projects Ltd.
Holding
The Noticee, Vishvas Projects Ltd., violated Sections 11C(2) and 11C(3) of the SEBI Act by failing to fully comply with four summonses dated August 11, 2009, August 28, 2009, October 7, 2009 and January 19, 2010. A monetary penalty of Rs. 1,00,000 under Section 15A(a) was imposed.
Full text
Page 2 of 13 APPOINTMENT OF ADJUDICATING OFFICER 3. The undersigned has been appointed as Adjudicating Officer vide order dated March 29, 2011 under section 15 I of the SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Rules’) to inquire into and adjudge under section 15A (a) of the SEBI Act.
Page 3 of 13 personal hearing on November 3, 2011 vide Notice dated October 11, 2011 sent through speed post. The said hearing notice was received and acknowledged by the Noticee. The Noticee vide letter dated October 31, 2011 stated that it would be unable to be present at Mumbai due to ill health of its director and hence requested for another opportunity of hearing at Delhi. Acceding to the request of the Noticee another opportunity of hearing was granted to the Noticee on November 18, 2011 at SEBI Northern Regional Office at New Delhi vide letter dated November 8, 2011. The said hearing notice was received by the Noticee. Mr. Ashok Marwah, director of the Noticee appeared as Authorised Representative (AR) on behalf of the Noticee for the hearing. During the course of the hearing the AR stated that Noticee had submitted the information which was available with it to the Investigating Authority (hereinafter referred to as “IA”). On being asked to make submission on the point that Noticee did not provide complete information as was asked in the summonses dated August 11, 2009, August 28, 2009, October 7, 2009 and January 19, 2010, AR stated that with respect to abovementioned summonses Noticee had provided the information available with them vide letter dated nil received by SEBI on June 16, 2009, letter dated September 15, 2009 and letter dated January 25, 2010. AR further stated that the reply letters by the Noticee contains the names of the directors and shareholding of N
Page 4 of 13 Finlease Ltd., and Cosmo Corporate Services Ltd. and the purpose of the transactions, nature of relationship of the Noticee with the said entities, whether the Noticee and the other mentioned entities had common directors etc. had not been submitted to the IA.
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Source: SecMarx — sebi:PB/AO-93/2011. 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.