sebi:VSS/AO-68/2009
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Facts / Headnote
Violation of sections 11C(3) and 11C(5) of the SEBI Act held established; Noticee held liable for monetary penalty under section 15A of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 11(3)
- s. 15J
- s. 11C
- s. 12
- s. 11C(3)
- s. 11C(2)
- s. 23
- s. 11C(5)
- s. 51
- s. 19(2)
Regulations
- Reg. 7
- Reg. 11C(3)
Parties
- Ram Chandra Singh
Holding
The Noticee, Ram Chandra Singh, director of Gateway Computers Pvt. Ltd. and Delton Exim Pvt. Ltd., violated sections 11C(3) and 11C(5) of the SEBI Act by neither appearing in person before the Investigating Authority nor furnishing information sought by three summonses, and is consequently liable for monetary penalty under section 15A of the SEBI Act.
Full text
Page 2 of 28 referred to as ‘SEBI Act’) and consequently, liable for monetary penalty under section 15A of the SEBI Act.
Page 3 of 28 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 summonses. However, he contended that the said non-compliance was due to the following :
Page 4 of 28 (h) The factors under 15J of SEBI Act have not been attracted in the present case and therefore, no penalty is warranted. (i) Case laws have been cited in support of the aforesaid points.
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Source: SecMarx — sebi:VSS/AO-68/2009. 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.