sebi:VKV/DL/AO-59/2015-16

SEBI · SEBI · 2012-08-13 · Vijayant Kumar Verma, Adjudicating Officer

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Facts / Headnote

Noticee held not liable to monetary penalty under Section 15C of the SEBI Act, 1992 and matter disposed of

Provisions invoked

• s. 15
• s. 15I
• s. 15J
• s. 15C

Parties

• M/s Arcee Industries Limited

Holding

The Noticee is not liable to monetary penalty under Section 15C of the SEBI Act, 1992 and the matter is accordingly disposed of.

Full text

Adjudication Order against M/s Arcee Industries Limited December 18, 2015 Page 2 of 6 2. SEBI vide Circular No. - CIR/OIAE/1/2012 dated August 13, 2012 advised all companies whose securities were listed on stock exchanges to obtain SCORES authentication by September 14, 2012 failing which appropriate enforcement action would be initiated against them. Further Vide another Circular No. CIR/OIAE/1/2013 dated April 17, 2013 SEBI had granted further 30 days’ time to obtain scores authentication and informed that any failure would not only be deemed as non redressal of investor grievances but also indicate willful avoidance of the same.

Adjudication Order against M/s Arcee Industries Limited December 18, 2015 Page 3 of 6 SHOW CAUSE NOTICE AND REPLY 6. A Show Cause Notice (hereinafter referred to as “SCN”) was issued to the Noticee under rule 4 of SEBI (Procedure for Holding Inquiry and imposing penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Adjudicating Rules’) to show cause as to why an inquiry be not held against it in terms of rule 4 of the Rules read with section 15I of SEBI Act, 1992 and

Adjudication Order against M/s Arcee Industries Limited December 18, 2015 Page 4 of 6 PERSONAL HEARING 10. Shri Vishesh Kumar Chugh (Company Secretary), Authorized Representative (AR) of the Noticee, attended the hearing scheduled on October 05, 2015. During the hearing, the AR made the following submissions, which inter alia, stated as under: “….  The AR reiterated the submissions made by the Noticees vide letter dated September 01, 2015.  The AR informed that Company has already taken SCORES ID on February 27, 2015.  The AR also informed that the Company has resolved both the pending complaints.it has been also found that the date of resolution of complaints as per SCORES is different from the data available with the Company.  The AR also stated that the Company’s financial position is in bad condition.. ……” CONSIDERATION OF ISSUES AND FINDING:

Source: SecMarx — sebi:VKV/DL/AO-59/2015-16. 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.