sebi:PM/NR/2020-21/10368
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Facts / Headnote
Penalty of Rs 10,00,000 imposed on the Noticee under Section 23H of SCRA
Provisions invoked
- s. 13
- s. 16
- s. 18
- s. 23
- s. 23H
- s. 29A
- s. 23J
- s. 23I
Parties
- Nandanvan Commercial Pvt., Ltd.
Holding
The Noticee violated Section 16 of SCRA read with SEBI Notification G.S.R 219(E) dated March 2, 2000 and Sections 13 and 18 read with Section 2(i) by off-market transfer of 6,00,000 shares without receipt of consideration, and is liable to a monetary penalty of Rs 10,00,000 under Section 23H of SCRA.
Full text
Adjudication Order in respect of Nandanvan Commercial Pvt., Ltd., in the matter of Urja Global Ltd., Page 2 of 13 Adjudication Rules”) to inquire into and adjudge the alleged violations committed by the Noticee, under Section 23H of SCRA.
Adjudication Order in respect of Nandanvan Commercial Pvt., Ltd., in the matter of Urja Global Ltd., Page 3 of 13 Representative. Accordingly, as requested by the Noticee, one more opportunity of hearing was provided to the Noticee on February 5, 2021, which was communicated vide Email dated February 1, 2021. Vide the said Email dated February 1, 2021, the Noticee was informed to provide the details of the person/s who is/are going to attend the hearing scheduled on February 5, 2021 so as to send the Webex link along with the login credentials, by February 4, 2021. I note that the Noticee did not respond to the Email dated February 1, 2021. Therefore, the hearing scheduled on February 5, 2021 could not be conducted due to non-furnishing of information by the Noticee. Thereafter, the Noticee was given final opportunity of hearing on February 9, 2021, which was communicated vide Email dated February 5, 2021. Vide the aforesaid Email dated February 5, 2021, the Noticee was informed that since it failed to furnish the details of the person/s who is/are going to attend the hearing earlier, the Webex link along with login credentials were mailed to it on February 5, 2021 at the Noticee’s Email ID: nandanvancpl@gmail.com. I note that the Noticee did not appear for the hearing scheduled on February 9, 2021.
Adjudication Order in respect of Nandanvan Commercial Pvt., Ltd., in the matter of Urja Global Ltd., Page 4 of 13 presumed that the charges alleged against them in the show-cause notice were admitted by them”.
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Source: SecMarx — sebi:PM/NR/2020-21/10368. 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.