sebi:SD/AO/45/2010
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Facts / Headnote
Penalty of Rs. 100,000 imposed on the Noticee under Section 15A(a) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
- s. 11C
- s. 12
Parties
- Shri Umit Patel
Holding
The Noticee violated Section 11C(2) read with Section 11C(5) of the SEBI Act by failing to comply with the Investigating Authority's summons, and is therefore liable to a monetary penalty of Rs. 100,000 under Section 15A(a) of the SEBI Act.
Full text
Page 2 of 8 2. Ms. Babita Rayudu was appointed as the Adjudicating Officer vide Order of SEBI dated June 13, 2007 under section 15-I of the SEBI Act, 1992 (hereinafter referred to as the ‘SEBI Act’) read with Rule 3 of SEBI (Procedure for holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudication Rules’) to inquire into and adjudge under Section 15A (a) of the SEBI Act, the non- compliance of the requirements under Section 11C (2) read with 11C (5) of the SEBI Act by the Noticee.
Page 3 of 8 6. On considering the facts of the case, it was decided to conduct an inquiry in the matter and the Noticee was granted an opportunity of personal hearing before me on August 7, 2009. The Noticee failed to appear for the hearing on the scheduled date.
Page 4 of 8 and for that purpose may require any of those persons to appear before it personally. 9. I observe from the available record that the Investigating Authority, SEBI had issued the said summons dated March 9, 2006 to the Noticee requiring him to appear before the Investigating Authority and furnish required information and documents by March 14, 2006. The said summons was sent to the Noticee by Registered A.D. and was duly received as indicated by the signed Acknowledgement available on record. It is alleged that the Noticee has failed to comply with the said summons. The Investigating Authority had issued further summons dated March 16, 2006 and March 24, 2006 and sent them through Registered A.D., however these summons were returned undelivered.
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Source: SecMarx — sebi:SD/AO/45/2010. 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.