sebi:PKB/AO-32/2009
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Facts / Headnote
Penalty of Rs. 2,00,000 imposed for non-compliance with summons
Provisions invoked
- s. 11
- s. 15A
- s. 15J
- s. 15
- s. 11C
- s. 11C(3)
Parties
- Shri Anil Kantilal Shah
Holding
The noticee was held liable for failure to comply with the summons dated April 28, May 10 and May 26, 2005 issued under Sections 11C(3) and 11C(5) of the SEBI Act, 1992. A monetary penalty of Rs. 2,00,000 was imposed under Section 15A of the SEBI Act.
Full text
Adjudication Order in respect of Shri. Anil Kantilal Shah Page 2 of 11 4/22/2009 3. Based on the above facts, investigation into the affairs relating to buying and selling or dealing in the shares of the company was conducted by SEBI to ascertain whether any provision of the SEBI Act , 1992 and various rules and regulations made there under had been violated during the investigation period.
Adjudication Order in respect of Shri. Anil Kantilal Shah Page 3 of 11 4/22/2009 dated May 23, 2005 to the summons dated May 10, 2005 sought 20-25 days time for submission of information as sought vide the summons dated May 10 , 2005. Thereafter, vide summons dated May 26, 2005 the noticee was again advised to appear before the Investigating Authority and submit the information as desired in the summons dated May 26, 2005. The noticee replied to the summons dated May 26, 2005. However, it is alleged that the noticee failed to be present before the investigating officer as well as did not provide full information in his aforementioned reply to the summons.
Adjudication Order in respect of Shri. Anil Kantilal Shah Page 4 of 11 4/22/2009 noticee appeared before Shri D.S. Reddy and submitted that he intends to make an application under the consent order scheme in terms of SEBI Circular No. EFD/ED/Cir –1/2007 dated April 20, 2007. The copy of the SCN dated August 16, 2007 was also hand delivered to the noticee. The noticee vide letter dated December 18, 2007 sought 15 days time to make an application under the consent order scheme. The noticee vide letter dated January 1, 2008 made an application under the consent order scheme in terms of SEBI Circular No. EFD/ED/Cir –1/2007 dated April 20, 2007. Thereafter, the instant adjudication proceedings against the noticee were kept in abeyance till the culmination of the consent order proceedings. It is observed from the decision dated March 3, 2009 of the High Powered Advisory Committee, that the committee did not accept the consent terms proposed by the noticee commensurate so as to settle the instant matter. Thereafter, the instant adjudication proceedings which were kept in abeyance commenced forthwith.
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Source: SecMarx — sebi:PKB/AO-32/2009. 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.