sebi:PKK/AO/240/2010
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Facts / Headnote
Noticee found guilty of violation of Section 11C(2) read with Section 11C(5) of SEBI Act and penalty of Rs. 2,00,000 imposed under Section 15A(a)
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 12
Parties
- Mr. Hemraj Singh Vaghela
Holding
The Noticee violated Section 11C(2) read with Section 11C(5) of the SEBI Act by failing to furnish information and to appear before the Investigating Authority in compliance with summons dated June 05, 2006 and June 29, 2006, and is liable to monetary penalty of Rs. 2,00,000 under Section 15A(a) of the SEBI Act.
Full text
Page 2 of 10 (hereinafter referred to as the ‘Noticee’) was asked to submit details of directorships held by him, his relationship with SYPCL and its management, shareholding details in SYPCL, demat and bank account statement etc. 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 10 Rules to the Noticee to show cause as to why an inquiry should not 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” and the same was duly received by the Noticee. However, the Noticee did not submit any reply to the SCN.
Page 4 of 10 7. Another opportunity of personal hearing was granted to the Noticee on November 09, 2010 vide notice of hearing dated October 20, 2010. However, vide letter dated November 3, 2010, the Noticee had requested for adjournment of the said hearing to a date after November 11, 2010 due to the festive season. Subsequently, an opportunity of personal hearing was granted to the Noticee on November 26, 2010 vide notice of hearing dated November 19, 2010.
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Source: SecMarx — sebi:PKK/AO/240/2010. 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.