sebi:PKK/AO/174/2010
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Facts / Headnote
Charges not established; matter disposed off without imposition of monetary penalty
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 11C
- s. 12
Parties
- M/s. Stardom Trading Company (P) Ltd.
Holding
The Adjudicating Officer held that the charge that M/s. Stardom Trading Company (P) Ltd. violated Section 11C(2) read with Section 11C(5) of the SEBI Act for non-compliance of summons was not established and disposed off the matter without imposing monetary penalty under Section 15A(a).
Full text
Page 2 of 7 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 7 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 7 6. In the absence of any written reply submitted by the Noticee, the AO considered the matter on the basis of the material available on record. The AO accordingly decided to conduct an inquiry and granted an opportunity of personal hearing to the Noticee by issuing hearing notice dated July 19, 2010 advising the Noticee to appear before him on August 05, 2010 for the personal hearing. The notice of hearing was served on the Noticee by Speed Post and it was duly received by the Noticee. The Noticee however, did not appear before the AO for the personal hearing. The undersigned again issued a hearing notice on November 04, 2010 advising him to appear before me on November 12, 2010. The Noticee did not appear before me for the personal hearing.
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Source: SecMarx — sebi:PKK/AO/174/2010. 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.