sebi:PKB/AO-89/2009

SEBI · SEBI · 2003-11-24 · P. K. Bindlish, Adjudicating Officer

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Facts / Headnote

Penalty of Rs. 5,00,000 imposed on Orbit Securities Private Limited for non-compliance with summons

Provisions invoked

• s. 15A
• s. 15
• s. 11(3)
• s. 11
• s. 15J

Parties

• Orbit Securities Private Limited

Holding

Orbit Securities Private Limited failed to comply with summons dated November 24, 2003 and December 16, 2003 issued under Section 11(3) and 11C(3) and is liable to penalty of Rs. 5,00,000 under Section 15A(a); non-compliance of unsigned summons dated December 8, 2003 was not established.

Full text

Adjudication Order in respect of Orbit SecuritiesPrivate Limited Page 2 of 12 7/28/2009 rules and regulations made there under had been violated during the investigation period.

Adjudication Order in respect of Orbit SecuritiesPrivate Limited Page 3 of 12 7/28/2009 required documents /information in response to summons issued under Section 11(3) & 11C(3) of the SEBI Act, 1992.

Adjudication Order in respect of Orbit SecuritiesPrivate Limited Page 4 of 12 7/28/2009 Investigating Authority since no responsible person from our organization receive the same. (b) It seems that the said summons have been acknowledged by a person unknown to us, who has not handed the same to us either intentionally or unintentionally. We were therefore not aware of the issues of the said summons and were unable to respond to the same. (c) From the copy of the summons dated December 8, 2003 enclosed to your above referred letter it can be noticed that the same is unsigned and therefore null and void and is deemed to have not been issued at all and no action can be initiated for non –compliance of the same. (d) As regards the letter dated December 18, 2003 the same is a simple follow up letter and cannot be treated to be a summons. Besides no proof of the same having being served has been enclosed with your notice and no penal action can follow for non compliance of the same. (e) We further state and submit that no gain has accrued to us on account of not complying and we have not acted in defiance of law. We do not have any ulterior motives so we should not be penalized for the alleged offence, which we have not committed. We state and submit that we have always acted in accordance with the law and have never indulged ourselves in intentional violation of any rules and regulations. (f) We request you that one more opportunity may be accorded to us to appear before the inves

Source: SecMarx — sebi:PKB/AO-89/2009. 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.