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2014 (6) TMI 899 - AT - Companies LawPenalty for violation of Section 15C & 15HB of SEBI Act, 1992 - Failed to redress investors’ grievances within the specified time - Sick company under rehabilitation process under the supervision of BIFR - Appellant's ground for poor financial health - Held that:- It is the admitted position that appellant received various communications from SEBI including complaints to resolve the grievances of the investors but the appellant failed to do so for years together. It is only when impugned order dated March 3, 2014 is passed by the respondent imposing a penalty of ₹ 3 lac that the appellant has resolved investors’ complaints in question on April 16, 2014. It is noted that due procedure established by law has been followed by the learned adjudicating officer in conducting the inquiry against the appellant and in imposing the penalty in question. Various aspects, including the sickness of the company and its poor financial health, have already been taken into consideration by the learned adjudicating officer while imposing a token penalty of ₹ 3 lac. We, therefore, do not find any ground to interfere with the impugned order in the matter of imposition of penalty even on the ground of proportionality. - Decided against the appellant.
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