sebi:SRP/DL/AO-20/2009
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Facts / Headnote
Violation established ex-parte; penalty of Rs. 5,00,000 imposed under Section 23E of SCRA
Provisions invoked
- s. 21
- s. 23
- s. 23E
Parties
- M/s. Arihant Industries Limited
Holding
M/s. Arihant Industries Limited violated Section 21 of the SCRA by failing to submit quarterly corporate governance compliance reports under Clause 49 of the listing agreement to NSE for the quarters ended March 2006, June 2006, September 2006, December 2006 and March 2007. A penalty of Rs. 5,00,000 under Section 23E of the SCRA was imposed for the said violation.
Full text
Page 2 of 5 APPOINTMENT OF THE ADJUDICATING OFFICER 5. Shri Biju S was appointed as Adjudicating Officer (AO) vide order dated September 05, 2007 to inquire into and adjudge under Section 23 E of SCRA, the aforesaid violations alleged to have been committed by the Noticee.
Page 3 of 5 sender.” In view of the same, the undersigned granted another opportunity of hearing to the Noticee on September 17, 2009 and the intimation in this regard was sent to the Noticee vide letter dated August 17, 2009. The letter once again got returned undelivered. Therefore, it was got affixed at the notice board of the registered office of the Noticee at B- 35, Phase V, Focal Point Ludhiana, by the Northern Regional Office of SEBI with the assistance of LSE. The said service of hearing notice to the Noticee has been confirmed by LSE vide their letter No. LSE/SEBI/141 dated August 28, 2009. The Noticee once again did not turn up for the hearing.
Page 4 of 5 “49. Corporate Governance The company agrees to comply with the following: VI REPORT ON CORPORATE GOVERNANCE
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Source: SecMarx — sebi:SRP/DL/AO-20/2009. 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.