sebi:SEBI/SRO/SBM-AO/2/2014
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Facts / Headnote
Alleged violation of Section 15C of the SEBI Act not established; matter disposed of without penalty.
Provisions invoked
- s. 15
- s. 15C
Regulations
- Reg. 200
Parties
- Noticee (unlisted company, delisted from BSE w.e.f. 22.12.2010)
Holding
The alleged violation of Section 15C of the SEBI Act by the Noticee was not established, and the matter was disposed of without imposition of any monetary penalty.
Full text
Page 2 of 5 3. SEBI has, therefore, initiated adjudication proceedings under the provisions of SEBI Act, 1992 against the Noticee to inquire into and adjudge the alleged violations of the provisions of Section 15C of the SEBI Act, 1992 (hereinafter referred to as the 'SEBI Act') by the Noticee for its failure to redress the investor grievances and submit the ATR in SCORES thereof.
Page 3 of 5 due procedure as per the SEBI ( Delisting of Equity Shares ) Regulations 2009 and enclosed relevant correspondence exchanged with the BSE in this regard. In view of this the Noticee stated that SEBI lacks jurisdiction to issue SCN under Rule 4 of the Adjudication Rules. • The Noticee mentioned that they had promptly attended to the pending grievance on 11th February 2012 and also sent the unsettled dividend amount for the year 2008-09 to the investor and the concerned investor had also thanked the Noticee for the prompt action vide his letter dated 21st February
Page 4 of 5 9. Before moving forward, it will be appropriate to refer to the relevant provisions of Section 15C of the SEBI Act which read as under:
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Source: SecMarx — sebi:SEBI/SRO/SBM-AO/2/2014. 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.