sebi:VSS/AO-59/2009
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Facts / Headnote
Violation established; monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 11(3)
- s. 15J
- s. 11C
- s. 11C(3)
- s. 23
- s. 25
- s. 19(2)
Regulations
- Reg. 11C(3)
Parties
- M/s Tricon Business (P) Ltd.
Holding
The Noticee violated sections 11C(3) and 11C(5) of the SEBI Act by failing to appear and furnish information pursuant to three summonses and is consequently liable for monetary penalty under section 15A of the SEBI Act, with a penalty of Rs.15,00,000 imposed.
Full text
Page 2 of 25 consequently, liable for monetary penalty under section 15A of the SEBI Act. APPOINTMENT OF ADJUDICATING OFFICER
Page 3 of 25 7. In the interest of natural justice and in order to conduct an inquiry in terms of rule 4(3) of the Rules, the Noticee was granted an opportunity of personal hearing on March 17, 2009, vide notice dated February 17, 2009. Mr. Anshul Vyas, Authorised Representative of the Noticee (hereinafter referred to as “AR”) appeared on behalf of the Noticee and made submissions. He also submitted a letter dated March 16, 2009 of the Noticee along with documents. The AR admitted the fact that the Noticee neither appeared in person before the Investigating Authority (hereinafter referred to as ‘IA’) nor furnished the information sought by the IA through the summons. However, he contended that the said non- compliance was due to the following :
Page 4 of 25 (h) Case laws have been cited in support of the aforesaid points. Further to the inquiry/hearing held on March 17, 2009, the Noticee has made written submissions reiterating the aforesaid and citing further case laws vide its letter dated March 22, 2009.
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Source: SecMarx — sebi:VSS/AO-59/2009. 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.