sebi:VKV/DL/AO-09/2016
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Adjudicating proceedings initiated vide SCN dated December 18, 2015 disposed of without penalty; Noticee held not liable under Section 15C
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 15C
Parties
- Vinayak Industries Ltd.
Holding
The adjudication proceedings against Vinayak Industries Ltd. under Section 15C of the SEBI Act, 1992 were disposed of with no monetary penalty. The Noticee was held not liable under Section 15C because the statutory prerequisite of having been called upon in writing remained unfulfilled.
Full text
Adjudicating Order in respect of Vinayak Industries Ltd. February 03, 2016 Page 2 of 5 advising the Noticee to send the information (i.e. details for authentication) as required in the Circular, at the earliest. Both the above mentioned letters returned undelivered.
Adjudicating Order in respect of Vinayak Industries Ltd. February 03, 2016 Page 3 of 5 7. The said SCN No. SEBI/NRO/AO/VKV/DL/SCN/2258/2015 dated December 18, 2015 was sent at the registered office address (s) at“114, Namdhari Chambers, 9/54, Deshbandhu Gupta Road, New Delhi-110005” of the Noticee through Postal Department. However, the same was undelivered.
Adjudicating Order in respect of Vinayak Industries Ltd. February 03, 2016 Page 4 of 5 is uploaded by SEBI in the SCORES, it amounted to calling upon by SEBI to such company to redress the investor grievance. For the purposes of accessing the complaints of the investor against them, as uploaded in the SCORES, listed companies were required to login to SCORES system electronically through a company specific user id and password, to be provided by SEBI. I note that SCN dated December 18, 2015 inter alia alleged that by not submitting the details for authentication as required by the circular, the Noticee did not obtain the user id and password which was essential for accessing the complaints pertaining to the Noticee, as uploaded on the SCORES for redressing the investor grievances and subsequent redressal thereof.
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/DL/AO-09/2016. 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.