2015 (10) TMI 1905

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....r 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 Rs. 3 lac on the appellant under section 15C of the Securities and Exchange Board of India A....

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....n 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 redressed the investor grievances. 3. In view of the fact that the appellant has failed to comply w....

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.....P. where the appellant company is situated. Counsel for the appellant further submitted that several litigation initiated against the company also contributed for the delay in complying with SEBI direction. Counsel for appellant further submitted that there was no loss caused to the investors on account of the failure to comply with the directions of SEBI and therefore lenient view be taken and t....

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..... Various reasons given by the appellant for not complying with the directions of SEBI within the stipulated time and the fact that the investor grievances have been redressed after the issuance of the show cause notice, do no obliterate the violations of SEBI Act committed prior to issuance of the show cause notice. Similarly, fact that no investor loss is caused on account of failure to comply w....