sebi:PKB/AO-171/2010
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Facts / Headnote
Adjudication proceedings disposed of with charge not established and no penalty imposed
Provisions invoked
- s. 11
- s. 12
Parties
- Deepak Chopra HUF
Holding
The charge of non-compliance with summons against Deepak Chopra HUF is not established and no violation of sections 11C(2) and 11C(3) of the SEBI Act, 1992 is made out. The adjudication proceedings are accordingly disposed of.
Full text
Adjudication Order in respect of Deepak Chopra HUF in the matter of Alka Securities Ltd. Page 2 of 8 December 23, 2010 3. To examine the role of the Noticee, summons dated December 9, 2009 was issued to the Noticee vide speed post, requiring the Noticee to submit the information required in the enclosed Annexure to the summons latest by December 18, 2009 and the same was received by the Noticee. The Noticee did not reply to the aforesaid summons.
Adjudication Order in respect of Deepak Chopra HUF in the matter of Alka Securities Ltd. Page 3 of 8 December 23, 2010 issued to the Noticee vide which the Inquiry was scheduled to be held on September 1, 2010 and the Noticee was also advised to send the hard copy of its reply. The Noticee did not attend the hearing and therefore, in the interest of principles of natural justice, one more opportunity of hearing was accorded to the Noticee vide Notice of Inquiry dated September 3, 2010 wherein the hearing was scheduled for September 17, 2010. The Noticee sent the hard copy of its reply dated June 22, 2010. However, again, neither the Noticee nor anyone on its behalf attended the hearing. Vide letter dated September 17, 2010, Mr. Rajendra Kumar submitted the letter of Authority from the Noticee which authorized him to represent Noticee’s case and sought an extension of 2 weeks for appearing. In view of the above, one more opportunity of hearing was accorded to the Noticee vide Notice of Inquiry dated September 29, 2010 wherein the hearing was scheduled to be held on October 20, 2010 and the Noticee was also advised to produce the proof of receipt of Noticee’s reply to the summons by SEBI in original on the date of hearing as no proof of receipt of the same by SEBI was submitted by the Noticee. Again, neither the Noticee nor its Authorized Representative, Shri Rajendra Kumar attended the hearing. Vide letter dated October 20, 2010, Shri R.K.Raghav on behalf of Noticee’s Authoriz
Adjudication Order in respect of Deepak Chopra HUF in the matter of Alka Securities Ltd. Page 4 of 8 December 23, 2010 Please offer your comments on the same and produce the proof of receipt of your reply to the summons by SEBI in original?
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Source: SecMarx — sebi:PKB/AO-171/2010. 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.