sebi:PKK/AO/17/2011
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation established; penalty of Rs. 1,00,000 imposed under Section 15A(a)
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 12
Holding
The Noticee violated Sections 11C(2) read with 11C(3) of the SEBI Act by failing to comply with summonses dated July 12, 2005 and October 18, 2005, and is liable to a monetary penalty of Rs. 1,00,000 under Section 15A(a) of the SEBI Act.
Full text
Page 2 of 12 documents from the Noticee relating to his dealings in the scrip of KCBFL. The IA issued summons/notices dated July 12, 2005 & October 18, 2005 and the same were duly received by him as indicated by the acknowledgement available on record. The Noticee was required to furnish information regarding his dealings in the scrip of KCBFL. The Noticee failed to furnish the information as required. This has resulted in non-compliance of the summons.
Page 3 of 12 referred to as ‘SCN’) under Rule 4 of the Adjudicating Rules to the Noticee to show cause as to why an inquiry should not be held against him and penalty be not imposed under Section 15A (a) of the SEBI Act, for his alleged violation of Section 11 C (2) read with Section 11 C (3) of the SEBI Act. The allegation against the Noticee is his failure to furnish the information sought by the IA. This has resulted in non-compliance of the summons. The SCN was sent to the Noticee through “Registered Post with A/d” but it was returned undelivered. Later, a reference of the SCN was published in the newspaper ‘Hindustan Times’ on June 10, 2010 and a copy of the SCN was uploaded on the SEBI Website. The Noticee could collect the SCN from the office of the respective AO and it was also stated that the reply of the Noticee should reach the office of the AO within 14 days of the date of publication of the SCN.
Page 4 of 12 date, one Mr. Mayukh Pandya appeared on behalf of the Noticee (no authority letter submitted). He had stated that the Noticee has been living abroad since long time and is not is a position to return to India and that he would submit the documentary evidence regarding the Noticee’s stay abroad, copy of the Noticee’s PAN and written
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:PKK/AO/17/2011. 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.