sebi:RA/DPS/102/2017

SEBI · SEBI · 2014-12-18 · Rachna Anand, Adjudicating Officer

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Facts / Headnote

Penalty of Rs. 1,00,000 imposed on Orbit Corporation Ltd. under Section 15C of the SEBI Act, 1992 for failure to redress investor grievance within prescribed time.

Provisions invoked

Parties

Holding

The Noticee failed to redress the investor complaint within the prescribed time, taking 2 years and 8 months and acting only after being insisted by SEBI, and was held liable for penalty under Section 15C of the SEBI Act. A monetary penalty of Rs. 1,00,000 was imposed on Orbit Corporation Ltd.

Full text

Adjudication Order in respect of M/s Orbit Corporation Limited Page 2 of 8 only be treated as failure to furnish information to SEBI but shall also be deemed to constitute non-redressal of investor grievance.”

Adjudication Order in respect of M/s Orbit Corporation Limited Page 3 of 8 said SCN was duly delivered to the Noticee on February 8, 2016 through the Department of Post. Noticee vide letter dated February 10, 2016 (wrongly written as January 10, 2016) had submitted its reply in the matter, which inter alia stated as under: “……………….  It is most respectfully submitted that all the required compliances have been done and with respect to this case and the same has been disposed of by SEBI as mentioned in SCORES portal, a copy thereof is also attached herewith for your kind perusal and record.

Adjudication Order in respect of M/s Orbit Corporation Limited Page 4 of 8 6. Consequent to the clarity brought into the Finance Act, 2017, an opportunity of hearing was provided to the Noticee on June 8, 2017 vide notice dated May 22,

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Source: SecMarx — sebi:RA/DPS/102/2017. 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.