2014 (6) TMI 899

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....etary For The Respondent : Mr. Kumar Desai, Advocate with Mr. Tomu Francis, Advocate Per : Jog Singh (Oral) The present appeal has been preferred by the appellant against the impugned order dated March 3, 2014 imposing a penalty of Rs. 2 lac for violation of the provisions of Section 15C of the SEBI Act, 1992 and Rs. 1 lac under Section 15HB of the Said Act. The appellant is a company inc....

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....order deserves to be set aside. On the contrary, Shri Kumar Desai with Mr. Tomu Francis, learned counsel for the respondent has argued the matter at length and defended the impugned order by arguing that expeditious disposal of investors grievances is an important facet of the SEBI's over all task of regulating the capital market. Shri Desai submits that an effective and modern investors' redressa....

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....lant which was duly received by it. The complaint was kept unattended despite SEBI's repeated request and advices by letters dated October 11, 2011, November 22, 2011, March 5, 2012, May 9, 2012, May 24, 2013 and April 30, 2012 and nothing was done by the appellant to redress the complaint in question. In the meanwhile, another complaint dated July 3, 2013 was filed by Mr. K. L. Chawla, a sharehol....

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....nly when impugned order dated March 3, 2014 is passed by the respondent imposing a penalty of Rs. 3 lac that the appellant has resolved investors' complaints in question on April 16, 2014. 5. In view of this factual position, we do not find any legal infirmity in passing the impugned order by the respondent. It is noted that due procedure established by law has been followed by the learned adju....