sebi:PG/AO-35/2010
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Facts / Headnote
Violation established; monetary penalty of Rs. 2,00,000 imposed under Section 15A(a)
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 12
- s. 11C(2)
Regulations
- Reg. 6
- Reg. 7
- Reg. 8
- Reg. 8(1)
Parties
- Innovision e-Commerce Ltd.
Holding
The Noticee violated Sections 11C(2) and 11C(3) of the SEBI Act read with Regulation 8(1) of the PFUTP Regulations by failing to comply with summons dated October 18, 2007 and is liable to penalty under Section 15A(a) of the SEBI Act.
Full text
Page 2 of 12 2. The Investigating Authority (hereinafter referred to as IA) appointed by Securities and Exchange Board of India (SEBI /Board) conducted investigation into the alleged irregularity in the transactions in the shares of ICL and possible violation of the provisions of the SEBI Act and various rules and regulations made there under.
Page 3 of 12 SHOW CAUSE NOTICE, HEARING AND REPLY 6. Show Cause Notice dated September 15, 2008 (hereinafter referred to as “SCN”) was issued to the Noticee under rule 4 of the Rules to show cause as to why an inquiry should not be held against the Noticee and penalty be not imposed under section 15A(a) of SEBI Act for the alleged violations specified in the said SCN. However, the same was returned undelivered. Thereafter, SCN dated January 07, 2009 was issued to the Noticee and the same was received by the Noticee.
Page 4 of 12 therefore, the adjudication proceedings have to be revived from the stage at which it was kept abeyance. 11. Accordingly, the Noticee was granted another opportunity of hearing vide notice dated July 6, 2010 on July 20, 2010. However the same returned undelivered with the remark ‘office always closed’. Thereafter the copy of the said notice was affixed at the same address.
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Source: SecMarx — sebi:PG/AO-35/2010. 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.