sebi:VKV/AS/AO-11/2018
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty of Rs 8,00,000 imposed under Sections 15C and 15HB of the SEBI Act, 1992
Provisions invoked
- s. 15I
- s. 15J
- s. 15
- s. 15C
Parties
- M/s Harig Crankshafts Ltd
Holding
The Noticee failed to obtain SCORES authentication and failed to resolve 24 pending investor grievances in violation of SEBI Circular dated April 17, 2013. A penalty of Rs 8,00,000 was imposed on M/s Harig Crankshafts Ltd under Sections 15C and 15HB of the SEBI Act, 1992.
Full text
Adjudication Order against M/s Harig Crankshafts Ltd February 5, 2018 Page 2 of 5 into and adjudge under section 15C and 15HB of Securities and Exchange Board of India, Act, 1992 (hereinafter referred to as "SEBI Act, 1992”) for the alleged violations committed by the Noticee.
Adjudication Order against M/s Harig Crankshafts Ltd February 5, 2018 Page 3 of 5 uploaded on the SCORES for redressing the investors grievances and subsequent redressal thereof. Vide letters dated November 14, 2011 and January 18, 2012 the Noticee was once again advised to obtain the SCORES authentication. However, the Noticee failed to obtain the SCORES authentication. From the SCN I also note that the Noticee did not resolve 24 (twenty Four) investor grievances pending against it as on the date of SCN. Subsequently, SEBI has also confirmed that the Noticee had not obtained SCORES authentication till date and had not resolved the pending investor grievances (as mentioned in the SCN).
Adjudication Order against M/s Harig Crankshafts Ltd February 5, 2018 Page 4 of 5 “15HB Penalty for contravention where no separate penalty has been provided Whoever fails to comply with any provision of this Act, the rules or the regulations made or directions issued by the Board thereunder for which no separate penalty has been provided, shall be1 [liable to a penalty which shall not be less than one lakh rupees but which may extend to one crore rupees.”
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:VKV/AS/AO-11/2018. 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.