sebi:PG/AO-117/2011
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Facts / Headnote
Penalty of Rs. 2,00,000 imposed on the Noticee
Provisions invoked
- s. 15H
- s. 15J
- s. 15
Regulations
- Reg. 3
- Reg. 4(1)
Parties
- Narendrasingh Bhikubhai Gohil
Holding
The Noticee violated regulations 4(1), 4(2)(a) and (b) of PFUTP Regulations by creating artificial demand/depth in the scrip of NWTL. A penalty of Rs.2,00,000 under Section 15HA of SEBI Act was imposed on Narendrasingh Bhikubhai Gohil.
Full text
Page 2 of 12 company was then changed to NWTL, doing the business of computer education and developing software. Total paid up capital of NWTL as on quarter ending March 2005 was Rs.2,539.96 lacs comprising of 2,53,99,600 shares of Rs10 each.
Page 3 of 12 (hereinafter referred to as ‘Rules’) to inquire into and adjudge under Section 15HA of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’), the alleged violations of the provisions of SEBI Act and PFUTP Regulations by the Noticee. SHOW CAUSE NOTICE, HEARING AND REPLY
Page 4 of 12 dated August 11, 2011. The Noticee neither appeared for the aforesaid hearing nor made any submissions. 9. I am of the view that ample opportunities have been given to the Noticee to explain his case. As per rule 4(7) of the Rules, if any person fails neglects or refuses to appear as required by sub-rule (3) before the Adjudicating Officer, he may proceed with the inquiry in the absence of such person after recording the reasons therefor. Despite having been given ample opportunities as stated above, the Noticee has failed to avail the opportunity of personal hearing. I am, therefore, compelled to proceed with the matter based on the material available on record.
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Source: SecMarx — sebi:PG/AO-117/2011. 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.