sebi:VSS/AO-57/2009
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed on the Noticee for failure to comply with summonses issued under sections 11C(3) and 11C(5) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 12
- s. 11C(3)
- s. 11C(2)
Parties
- Amrut (Noticee)
Holding
The Noticee was held liable for violating sections 11C(3) and 11C(5) of the SEBI Act by failing to furnish information and appear before the Investigating Authority as required by summonses dated November 4, 2004 and January 12, 2005, and a monetary penalty of Rs. 3,00,000 was imposed under section 15A(a) of the SEBI Act.
Full text
Page 2 of 11 requiring it to furnish the details regarding it, its dealings in the shares of Axel, its clients and to appear in person before the IA. It is alleged that the Noticee had failed to comply with the summonses dated November 4, 2004 and January 12, 2005 issued under sections 11C (3) and 11C (5) of SEBI Act and consequently, liable for monetary penalty under section 15A(a) of the SEBI Act.
Page 3 of 11 6. The Noticee replied to the SCN vide letter dated April 13, 2007. It has submitted that it had responded to the summons dated November 4, 2004 seeking adjournment for personal appearance. As regards the furnishing of information sought through the summonses dated November 4, 2004 and January 12, 2005, it has submitted that the details could not be provided to the IA as the same were lost in transit. It has also submitted copy of complaint lodged with the Pradhyuman Nagar Police Station, Rajkot, letter to Saurastra Kutch Stock Exchange Ltd. and advertisement placed in the local newspaper, Jansatta, regarding the loss of documents in transit.
Page 4 of 11 appear for hearing, we have appeared. This shows our genuinity before the Regulator. We have no intention to disobey or non- corporate with SEBI. We, therefore, request you to take a lenient view in the matter.”
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:VSS/AO-57/2009. 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.