TMI BlogAdjudication of penalties.X X X X Extracts X X X X X X X X Extracts X X X X ..... , why the penalty should not be imposed on it or him. (3) Every notice issued under sub-rule (2), shall clearly indicate the nature of non-compliance or default under the Act alleged to have been committed or made by such company, officer in default. or any other person, as the case may be and also draw attention to the relevant penal provisions of the Act and the maximum penalty which can be imposed on the company, and each of the officers in default, or the other person. (4) The reply to such notice shall be filed in electronic mode only within the period as specified in the notice: Provided that the adjudicating officer may, for reasons to be recorded in writing, extend the period referred to above by a further period not exceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... luding an order for adjournment: Provided that after hearing, adjudicating officer may require the concerned person to submit his reply in writing on certain other issues related to the notice under sub-rule (2), relevant for determination of the default. (7) The adjudicating officer shall pass an order,- (a) within thirty days of the expiry of the period referred in sub-rule (2) or of such extended period as referred therein, where physical appearance was not required under sub-rule (5); (b) within ninety days of the date of issue of notice under sub-rule (2), where any person appeared before the adjudicating offcer under sub-rule (5): Provided that in case an order is passed after the aforementioned duration, the reasons of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arried on by the company; (c) injury to public interest; (d) nature of the default; (e) repetition of the default; (f) the amount of disproportionate gain or unfair advantage, wherever quantifiable, made as a result of the default; and (g) the amount of loss caused to an investor or group of investors or creditors as a result of the default: Provided that, in no case, the penalty imposed shall be less than the minimum penalty prescribed, if any, under the relevant section of the Act. (13) In case a fixed sum of penalty is provided for default of a provision, the adjudicating officer shall impose that fixed sum, in case of any default therein. (14) Penalty shall be paid through Ministry of Corporate Affairs portal onl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce or default under the Act alleged to have been committed or made by such company and officer in default, as the case may be: Provided further that the adjudicating officer may, for reasons to be recorded in writing, extend the period referred to above by a further period not exceeding fifteen days, if the company or officer (as applicable) satisfies the said officer that it has sufficient cause for not responding to the notice within the stipulated period. (3) If, after considering the cause, if any, shown by such company or officer, the adjudicating officer is of the opinion that an inquiry should be held, he shall issue a notice fixing a date for the appearance of such company, through its authorised representative, or officer of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
