sebi:PKK/AO/113/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 12
Parties
- M/s. Cornhill Trading Co. Pvt. Ltd.
Holding
The Noticee, M/s. Cornhill Trading Co. Pvt. Ltd., was found to have violated Sections 11C(2) read with 11C(5) of the SEBI Act by failing to appear before the Investigating Authority and furnish information pursuant to a summons dated June 05, 2006, and a penalty of Rs. 1,00,000 was imposed under Section 15A(a) of the SEBI Act.
Full text
Page 2 of 8 the price of MCL. Their trading contributed in creation of artificial volume and influenced unrealistic price increase.
Page 3 of 8 Show Cause Notice, Reply and Personal Hearing 5. The AO issued a notice (hereinafter referred to as ‘SCN’) dated April 21, 2008 under Rule 4 of the Adjudicating Rules to the Noticee to show cause as to why an inquiry should not be held against it and
Page 4 of 8 Consideration of Issues, Evidence and Findings 7. I have carefully perused the charges made against the Noticee as mentioned in the SCN and the documents available on record. In the instant matter the following issues arise for consideration and determination: a. Whether the Noticee had violated the provisions of Section 11C (2) & 11C (5) of the SEBI Act by its non-compliance of summons issued by the IA, SEBI? b. If whether the Noticee is liable for monetary penalty prescribed under Section 15A (a) of the SEBI Act for the aforesaid violation? c. If, yes what should be the quantum of monetary penalty?
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Source: SecMarx — sebi:PKK/AO/113/2010. 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.