sebi:VKV/DL/AO-09/2017
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Facts / Headnote
Adjudication proceedings initiated vide Show Cause Notice dated 23.07.2015 disposed of without penalty
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 15C
Parties
- M/s Arihant Industries Ltd
Holding
The adjudication proceedings against M/s Arihant Industries Ltd initiated vide Show Cause Notice dated 23.07.2015 were disposed of. The Noticee was held not to have violated Section 15C of the SEBI Act, 1992 and not liable for monetary penalty thereunder.
Full text
Adjudication Order against M/s Arihant Industries Ltd July 27, 2017 Page 2 of 5 required by the Circular thereby 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 investors grievances and subsequent redressal thereof, within specified time. Thus, it was alleged that Noticee had failed to redress pending investor grievances which renders the Noticee liable for imposition of penalty under Section 15C of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as 'SEBI Act, 1992').
Adjudication Order against M/s Arihant Industries Ltd July 27, 2017 Page 3 of 5 17, 2017 to attend the hearing in the matter on April 27, 2017 at SEBI Northern Regional Office (NRO), New Delhi. The said Notice of hearing was sent to the Noticee through the Department of Post. However, the same was returned undelivered.
Adjudication Order against M/s Arihant Industries Ltd July 27, 2017 Page 4 of 5 Ltd. vs. SEBI decided on 29.04.2015 observed as follows: “…….As held by this Tribunal in case of M/s. Vidarbha Industires Ltd. (supra) and Ratan Steels (supra) where a listed company fails to obtain SCORES authentication within the time stipulated by SEBI, then it amounts to violating the directions of SEBI and in such a case penalty is imposable under section 15HB of SEBI Act…….”
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Source: SecMarx — sebi:VKV/DL/AO-09/2017. 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.