sebi:RA/DPS/275/2018
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Facts / Headnote
Violation of Section 15C and 15HB established ex-parte; penalty of Rs 5,00,000 imposed
Provisions invoked
- s. 15A
- s. 15J
- s. 15
- s. 15F
- s. 15C
Parties
- M/s Highland Industries Limited
Holding
The Noticee violated Sections 15C and 15HB of the SEBI Act by failing to file ATR under SCORES and failing to redress three investor grievances pending since 2011-2012. A consolidated penalty of Rs 5,00,000 was imposed under Sections 15C and 15HB.
Full text
Adjudication Order in respect of M/s Highland Industries Limited Page 2 of 11 Clause 13: “Failure by listed companies and SEBI registered intermediaries to file ATR under SCORES within thirty days of date of receipt of the grievance shall not 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 Highland Industries Limited Page 3 of 11 to show cause as to why an inquiry should not be held against him and why penalty, if any, should not be imposed on the noticee for the alleged violation specified in the SCN.
Adjudication Order in respect of M/s Highland Industries Limited Page 4 of 11 Notice was also communicated / served to Noticee through email dated August 14, 2017 at the e-mail ID: sandipsheth31@yahoo.com, also attaching the SCN dated February 5, 2016, which was duly digitally signed by the undersigned. The said hearing notice was also communicated through Speed Post Acknowledgement Due (SPAD) at the address, Highland Industries Limited, J 103, Sumer Nagar, Bldg., No. 2, S. V. Road, Korakendra, Borivali (W), Mumbai, Maharashtra 400092, as available from website of Bombay Stock Exchange (BSE) and website of Ministry of Corporate Affairs (MCA) under head of Company Master Data and the same was returned undelivered by the Postal Department with remarks, “Left”. The said SCN and hearing notice was also uploaded on SEBI website under the head of “Rulings/Orders - Unserved Summons/Notices”. It is relevant to point out that in the said hearing notice issued on August 14, 2017, as the Noticee has not submitted its reply towards the said SCN, the Noticee was asked to file its reply on or before August 31, 2017 and Noticee was also asked to confirm the availing of opportunity of hearing by August 31, 2017, failing which it shall be construed that it had waived to avail the opportunity of hearing and the matter shall proceeded further on the basis of material available on record. Noticee also failed to appear on the scheduled date of hearing i.e. September 5, 2017.
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Source: SecMarx — sebi:RA/DPS/275/2018. 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.