sebi:VSS/AO-170/2009
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Facts / Headnote
Violation established; monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 12
Regulations
- Reg. 11C(2)
Parties
- Sunil Gaglani
Holding
The Noticee violated sections 11C(2) and 11C(3) of the SEBI Act by failing to comply with summonses issued by the Investigating Authority and is liable under section 15A(a); a monetary penalty of Rs.15,00,000 was imposed.
Full text
Page 2 of 14 APPOINTMENT OF ADJUDICATING OFFICER 3. The undersigned was appointed as Adjudicating Officer vide order dated April 07, 2008 under section 15 I of the SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Rules’) to inquire into and adjudge under section 15A(a) of the SEBI Act.
Page 3 of 14 28, 2008 was sent to the Noticee though e-mail dated March 13, 2009. The Noticee appeared on March 02, 2009 and admitted that though the summonses were received by him, due to his mental state and financial position, he could not respond to the summonses. It was further submitted by the Noticee that the failure to respond was not intentional and requested to take a lenient view in this regard.
Page 4 of 14 information to, or produce such books, or registers, or other documents, or record before him or any person authorized by it in this behalf as it may consider necessary if the furnishing of such information or the production of such books, or registers, or other documents, or record is relevant or necessary for the purposes of its investigation.
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Source: SecMarx — sebi:VSS/AO-170/2009. 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.