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2015 (10) TMI 1905 - SECURITIES APPELLATE TRIBUNAL MUMBAI

2015 (10) TMI 1905 - SECURITIES APPELLATE TRIBUNAL MUMBAI - TMI - Penalty imposed under Section 15C of SEBI Act, 1992 - Appellant failed to obtain SCORES Authentication within stipulated time and redress investor grievance - Appellant obliged with the same after receiving SCN - Contended by Appellant is that company was dormant from past 7 years, was in poor financial condition and it was virtually impossible to hire a Company Secretary - No loss caused to the investors; penalty to be set aside. .....

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For The Respondent : Mr. Kumar Desai, Advocate with Mr. Pulkit Sukhramani, Advocate Per: Justice J.P. Devadhar 1. Appellant is aggrieved by the adjudication order dated 27.2.2015. By that order, the Adjudicating Officer of Securities and Exchange Board of India (SEBI for short) has imposed a penalty of ₹ 3 lac on the appellant under section 15C of the Securities and Exchange Board of India Act, 1992 (SEBI Act, 1992 for short). 2. Relevant facts are that by a circular dated 3rd June, 2011 .....

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e stipulated therein. Since the appellant failed to obtain the SCORES authentication and redress the investor grievances, show cause notice was issued to the appellant on 19th July, 2013 calling upon the appellant to show cause as to why inquiry should not be held and penal action be taken against the appellant for violating the provisions of SEBI Act. It is not in dispute that after receiving the show cause notice, the appellant obtained the SCORES authentication on 18th February, 2015 and redr .....

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ilure to comply with the SEBI directions within the stipulated time, submitted before us that at the material time appellant was a dormant company for more than seven years and the company could not comply with the requirements of law firstly on account of its poor financial position and secondly it was virtually impossible for the appellant to hire a Company Secretary in a remote village of U.P. where the appellant company is situated. Counsel for the appellant further submitted that several li .....

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