sebi:VKV/AS/AO-12/2017

SEBI · SEBI · 2011-07-12 · Vijayant Kumar Verma, Adjudicating Officer

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Facts / Headnote

Adjudication proceedings disposed of; no penalty imposed

Provisions invoked

• s. 15
• s. 15I
• s. 15J
• s. 15C

Parties

• M/s Padmini Technologies Limited

Holding

The allegation that the Noticee failed to resolve investor grievances was not established, as all six pending complaints had been resolved and the Noticee had obtained SCORES authentication. Consequently, the Noticee was not liable for any monetary penalty under Section 15C of the SEBI Act, 1992.

Full text

Adjudication Order in respect of M/s Padmini Technologies Limited August 24, 2017 Page 2 of 5 APPOINTMENT OF ADJUDICATING OFFICER

Adjudication Order in respect of M/s Padmini Technologies Limited August 24, 2017 Page 3 of 5 PERSONAL HEARING 8. On the scheduled date of personal hearing, Mr. P.K. Garg, Director appeared as Authorised Representative (AR). During the hearing, the AR made the following stated as under:  “…….The AR reiterated the submissions made vide letter dated 21.09.2015.  The AR stated that we have not brought the entire documents to substantiate our case regarding pending complaints. Therefore SEBI is requested to hold the hearing again……”.

Adjudication Order in respect of M/s Padmini Technologies Limited August 24, 2017 Page 4 of 5 14. I have taken into consideration the facts and circumstances of the case, material available on record and oral submissions made during the hearing. In the present matter, the following issues arise for consideration and determination: a) Whether the Notice has failed to resolve investor grievances? b) Does the violation, if any, on part of the Noticee attract monetary penalty under Section 15 C of SEBI Act? c) If so, what would be the quantum of monetary penalty that can be imposed taking into consideration the factors mentioned in section 15J of the SEBI Act as well as internal guidelines of SEBI issued from time to time in this regard?

Source: SecMarx — sebi:VKV/AS/AO-12/2017. 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.