sebi:PKK/AO/239/2010
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Facts / Headnote
Noticee held guilty and penalty of Rs. 2,00,000 imposed
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 12
Parties
- Samir M Shah
Holding
The Noticee violated Section 11C(2) read with Section 11C(5) of the SEBI Act by failing to comply with summons dated July 22, 2005 and August 17, 2005, and a monetary penalty of Rs. 2,00,000 under Section 15A(a) was imposed.
Full text
Page 2 of 9 shares to Shri Sayyed Mustafa which were subsequently sold in the market. In this regard, Mr. Samir M Shah (hereinafter referred to as the ‘Noticee’) was summoned to submit the details. The Noticee failed to appear and furnish the information as required inspite of repeated reminders and did not cooperate with the investigation proceedings. This has resulted in non- compliance of the summons.
Page 3 of 9 be held against him and penalty be not imposed under Sections 15A (a) of the SEBI Act, for the alleged violation of Section 11 C (2) read with Section 11 C (5) of the SEBI Act. The allegation against the Noticee is his failure to furnish the information sought by the Investigating Authority (IA) and the failure to appear before him. 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. Subsequently, the SCN was duly served on the Noticee by affixture at his last known address as provided for in the Rule 7 (3) of the Adjudication Rules. However, the Noticee did not submit any reply to the SCN.
Page 4 of 9 Consideration of Issues, Evidence and Findings 8. 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) read with 11C (5) of the SEBI Act by the non-compliance of summons issued by the IA, SEBI? b. If yes, whether the Noticee is liable for monetary
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Source: SecMarx — sebi:PKK/AO/239/2010. 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.