sebi:VSS/AO-71/2009
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Facts / Headnote
Ex-parte penalty of Rs.10,00,000 under section 15A(a) imposed for violation of sections 11C(2), (3), (5) and regulation 8(1) PFUTP; violations of regulations 3, 4(1), 4(2)(a), (b), (e) and (g) PFUTP held not established
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 12
Regulations
- Reg. 7
- Reg. 3
- Reg. 6
- Reg. 8
- Reg. 8(1)
Parties
- M/s Marino Fresh Foods Industries Limited
Holding
The Noticee violated regulation 8(1) of PFUTP read with sections 11C(2), (3) and (5) of SEBI Act by failing to comply with two summonses and is liable to penalty under section 15A(a), imposed at Rs.10,00,000. The alleged violations of regulations 3, 4(1), 4(2)(a), (b), (e) and (g) of PFUTP were held not established for insufficiency of information.
Full text
Page 2 of 10 2. It was alleged that one of the entities, M/s Marino Fresh Foods Industries Limited (hereinafter referred to as “Noticee”) violated the provisions of regulations 3, 4 (1), 4 (2) (a), (b), (e), (g) and 8 (1) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP”) and 11C (2), (3) and (5) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 3 of 10 personal hearing on March 16, 2009 at SEBI, Eastern Regional Office, Kolkata vide notice dated February 17, 2009. The said hearing notice was affixed at the last known address of the Noticee. Vide letter dated March 25, 2009, a second and final opportunity was given to the Noticee to appear before me on April 24, 2009. However, neither did the Noticee appear nor extension was sought by the Noticee.
Page 4 of 10 d) If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in section 15J of SEBI Act?
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Source: SecMarx — sebi:VSS/AO-71/2009. 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.