sebi:PM/NR/2020-21/10081
Facts / Headnote
Violation established; penalty of Rs 10,00,000 imposed under Section 15A(a)
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 19
- s. 11(3)
- s. 12
- s. 15J
- s. 11C(6)
- s. 113
Parties
- Satish Vasant Ghone
Holding
The Noticee violated Sections 11(3) and 11C(3) of the SEBI Act by failing to comply with the summons dated November 6, 2015 and reminders, and a monetary penalty of Rs 10,00,000 under Section 15A(a) was imposed.
Full text
Adjudication Order in respect of Satish Vasant Ghone in the matter of Kanchan International Ltd., Page 2 of 12 4. It was observed that the Noticee failed to produce the documents as sought by the Investigating Authority. Therefore, SEBI initiated Adjudication proceedings against the Noticee for violation of the provisions of Section 113 and 11C(3) of SEBI Act for not complying with the summons, under Section 15 A (a) of SEBI Act.
Adjudication Order in respect of Satish Vasant Ghone in the matter of Kanchan International Ltd., Page 3 of 12 Adjudication Rules, vide email dated December 17, 2020, the Noticee was provided with an opportunity of hearing, which was sent to the Noticee’s Email IDs: satishghone17@gmail.com; satishghone25@gmail.com; girdhari61@yahoo.com; KRATHI60@GMAIL.COM. Vide the aforesaid email, the Noticee was once again provided with soft copy of SCN and the annexures mentioned therein. I note that the email sent to the Noticee did not bounce. In view of the prevailing circumstances owing to Covid-19 pandemic, the hearing was scheduled through video conferencing on Webex platform on December 30, 2020 and accordingly the web link along with the login credentials were sent to the Noticee through email on December 29, 2020 at his Email IDs: satishghone17@gmail.com; satishghone25@gmail.com; girdhari61@yahoo.com; KRATHI60@GMAIL.COM;. However, I note that the Noticee neither submitted his reply nor appeared for the hearing.
Adjudication Order in respect of Satish Vasant Ghone in the matter of Kanchan International Ltd., Page 4 of 12 CONSIDERATION OF ISSUES AND FINDINGS
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:PM/NR/2020-21/10081. 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.