sebi:PJ/VP/09/2016
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed under Section 15HB; charges under Section 15C not established
Provisions invoked
- s. 15
- s. 19
- s. 15J
- s. 15C
Parties
- M/s. Unity Agrotech Industries Ltd.
Holding
The Noticee was held liable for violating SEBI Circular No. CIR/OIAE/1/2012 by failing to obtain SCORES authentication, attracting a penalty of Rs. 1,00,000 under Section 15HB of the SEBI Act. However, the charge of failing to redress two investor complaints under Section 15C was not established because the statutory requirement of being 'called upon by the Board in writing' was not fulfilled due to non-delivery of the relevant letter.
Full text
Adjudication Order in respect ofM/s. Unity Agrotech Industries Ltd. Page 2 of 11 SEBICircular No. CIR/OIAE/1/2012 dated August 13, 2012. The same was alsocommunicated to the Noticee by SEBIvide its letter Ref. No. OIAE- 1/SD/12191/2014 dated 29.04.2014 (inadvertently mentioned as dated 18.11.2014 in the Show Cause Notice).
Adjudication Order in respect ofM/s. Unity Agrotech Industries Ltd. Page 3 of 11 Delivery to the Registered Office of the company as per the MCA website, however, it was returned undelivered with a remark “Consignee shifted/ Moved”. Thereafter, an opportunity of personal hearing was granted on 12.02.2016 vide hearing notice dated 21.01.2016 forwarding the copy of the SCN dated 13.01.2016 and advising the Noticee to reply within 14 days.The said hearing notice was sent through hand delivery and/ or affixture. The hearing notice could not be delivered; hence, the hearing notice was affixed at the address of the Noticee on 01.02.2016.The Noticee failed to reply to the SCN and also did not appear for the hearing. The SCN was also sent by Hand Delivery/ Affixture on 9.02.2016 to the address as per SEBI SCORES website www.scores.gov.in .The SCN could not be delivered; hence, it was affixed at the address of the Noticee on 11.02.2016. Thereafter, another opportunity of hearing was granted to the Noticee on 11.03.2016 vide hearing notice dated 25.02.2016 sent through Hand Delivery and through Affixture. The Noticee was advised to furnish the reply by10.03.2016.The notice sent through hand delivery could not be delivered and hence the said notice was affixed on the door of the premises on 27.02.2016. However, the Noticee has failed to reply to the SCN till date and further failed to appear before the undersigned for the opportunities of hearing granted on 12.02.2016 and 11.03.2016.In
Adjudication Order in respect ofM/s. Unity Agrotech Industries Ltd. Page 4 of 11 with enough opportunities to submit reply/ to be heard and hence, I am constrained to proceed ex-parte with the matter on the basis of the material available on record.
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Source: SecMarx — sebi:PJ/VP/09/2016. 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.