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2013 (12) TMI 818 - SECURITIES APPELLATE TRIBUNAL, MUMBAIPenalty u/s 15A(a) of SEBI Act,1992 - Violation of sections 11C(2) and 11C(3) of the SEBI Act – Failure to furnish records while investigation - Dissolution without winding up of "SFPL" ordered – Held that:- There was no lacuna in upholding the investigation and the adjudication proceedings by the Respondent - The summons issued by the competent authority of the Respondent have to be complied with otherwise the system will suffer - In order to conduct a thorough investigation and in order to ascertain the exact role played by the various entities including the ten dummy companies and their shareholders, vide summons, detailed information was sought from "SFPL" by the investigating authority. Despite duly receiving summons "SFPL" failed to submit complete detailed information as required vide summons, thereby violating the aforesaid charges - oral and written submissions made by the Appellant, the Adjudicating Officer came to the conclusion that the Appellant was guilty of violating the provisions of Sections 11C(2) and 11C(3) of the SEBI Act - Penalty for partial non-compliance issued by the Investigating Officer is on a higher side – Thus, Penalty reduced it to Rupees Two Lakh – Decided partly in favour of Appellant.
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