sebi:PKK/AO/115/2010
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Facts / Headnote
Penalty imposed on the Noticee for failure to comply with summons issued by the Investigating Authority
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 12
Parties
- Ms. Bimla Gupta
Holding
The Noticee, Ms. Bimla Gupta, violated Sections 11C(2) read with 11C(5) of the SEBI Act by failing to appear before the Investigating Authority and furnish information as required by summons dated June 02, 2006 and July 28, 2006, and a penalty of Rs. 2,00,000 was imposed under Section 15A(a) of the SEBI Act.
Full text
Page 2 of 10 2. During the investigation it was found that certain entities connected to each other acting as clients with some brokers dealt in the scrip of MCL in a fraudulent manner which resulted in the manipulation of the price of MCL. Their trading contributed in creation of artificial volume and influenced unrealistic price increase.
Page 3 of 10 (Procedure for holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudicating Rules’) to inquire into and adjudge under Section 15A (a) of the SEBI Act, 1992 (hereinafter referred to as the ‘SEBI Act’) the alleged violation by the Noticee of the abovementioned provisions of the SEBI Act. Consequent to Mrs. Rayudu being sent on deputation, Mr. Sandeep Deore was appointed as the AO vide SEBI Order dated November 23,
Page 4 of 10 on record. The AO accordingly decided to conduct an inquiry. I granted an opportunity of personal hearing to the Noticee by issuing a letter dated September 03, 2010 advising the Noticee to appear before me on September 27, 2010 for the personal hearing. The letter was sent by “courier” and was duly received by the Noticee on September 08, 2010. The said hearing was scheduled by the AO at SEBI Northern Regional Office, New Delhi for the convenience of the Noticee. The Noticee however, did not appear before the undersigned for the said personal hearing.
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Source: SecMarx — sebi:PKK/AO/115/2010. 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.