sebi:SD/AO/80/2010
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Facts / Headnote
Penalty imposed on Noticee for non-compliance of summonses issued by the Investigating Authority
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 12
- s. 11C(2)
- s. 11C(5)
Parties
- M/s Millenium Cybertech Limited
Holding
The Noticee, M/s Millenium Cybertech Limited, was held guilty of violating Section 11C(2) read with Section 11C(5) of the SEBI Act by failing to comply with summonses issued by the Investigating Authority, and a penalty of Rs. 3,00,000/- was imposed under Section 15A(a) of the SEBI Act.
Full text
Page 2 of 11 by IA, which resulted in non-compliance summonses for which the Noticee alleged to have violated the Sections 11C(2) read with 11C(5) of the SEBI Act. Therefore, the Noticee is liable for monetary penalty prescribed as under 15A(a) of the SEBI Act.
Page 3 of 11 7. Thereafter, considering the material available on record, the undersigned decided to conduct an inquiry in the instant matter for which an opportunity of personal hearing was given to the Noticee. The Noticee was advised to attend the personal hearing on June 14, 2010. The notice of hearing was duly delivered and acknowledgement for the same is available on record. However, the Noticee neither appeared before the undersigned nor made any correspondence to the undersigned in this regard. Therefore, the matter is now proceeded on the basis of documents available on record.
Page 4 of 11 securities market to preserve and to produce to the IA or any person authorised by it in this behalf, all the books, registers, other documents and record of, or relating to, the company or, as the case may be, of or relating to, the intermediary or such person, which are in their custody or power. (3)The Investigating Authority may require any intermediary or any person associated with securities market in any manner to furnish such information to, or produce such books, or registers, or other documents, or record before him or any person authorised by it in this behalf as it may consider necessary if the furnishing of such information or the production of such books, or registers, or other documents, or record is relevant or necessary for the purposes of its investigation. … … (5) Any person, directed to make an investigation under sub-section (1), may examine on oath, any manager, managing director, officer and other employee of any intermediary or any person associated with securities market in any manner, in relation to the affairs of his business and may administer an oath accordingly and for that purpose may require any of those persons to appear before it personally.
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Source: SecMarx — sebi:SD/AO/80/2010. 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.