sebi:RC/AO-2/2011
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Facts / Headnote
Penalty imposed on noticee for violations of Section 15C and Section 15A(a) of the SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15C
Parties
- M/s Motorol Enterprise Ltd.
Holding
The noticee company was held liable for failing to redress investor grievances in violation of Section 15C and for failing to furnish an action taken report/status report to SEBI in violation of Section 15A(a) of the SEBI Act, 1992, and was imposed a penalty of Rs. 20,00,000 for the Section 15C violation and Rs. 5,00,000 for the Section 15A(a) violation.
Full text
2 SEBI may initiate action as deemed appropriate including initiation of adjudication proceedings. The aforesaid letter was sent by speed post acknowledgement due and the service of the same is on record. The company failed to reply to the said letter.
3 7. However, as noticee failed to reply to the SCN, a reminder letter no. ISD/NS/SCN/182899/2009 dated November 12, 2009 was sent to noticee by RPAD, advising the noticee to submit reply to the undersigned within 7 days of receipt of the letter. The said reminder letter was also delivered to the company, and the service of the same is on record.
4 shall be liable to a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less.
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Source: SecMarx — sebi:RC/AO-2/2011. 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.