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Misc.ApplicationNo.13of2015
And
AppealNo.13of2015
Dateofdecision:19/02/2015
ViprasCorporationLtd.
VillageNiphan,SavroliKharpadaRoad,
Khopoli,Dist.Raigad,
Pin410203.
Versus
Securities&ExchangeBoardofIndia
SEBIBhavan,C4A,GBlock,
BandraKurlaComplex,Bandra(E),
Mumbai400051.
Appellant
Respondent
Mr.KiritDamania,AuthorizedRepresentativefortheAppellant.
Mr.YogeshChande,AdvocatefortheRespondent.
CORAM: JusticeJ.P.Devadhar,PresidingOfficer
A.S.Lamba,Member
Per:JusticeJ.P.Devadhar(Oral)
Misc.ApplicationNo.13of2015
Misc.Applicationstandsdisposedofaccordingly.
AppealNo.13of2015
1.
ThisappealisfiledtochallengeOrderdated1stAugust,2014whereby
theAdjudicatingOfficerofSecuritiesandExchangeBoardofIndia(SEBI)has
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-2-
2.
Rs.1,00,000/isimposedupontheAppellantonthegroundthattheAppellant
apartfromnotredressingtheinvestorgrievances,hadfailedtoapplyforand
obtainSCORESauthenticationandfailedtosubmitactiontakenreportonthe
investors grievances in spite of letter addressed by SEBI on 15th February,
2013andinspiteofissuingacirculartothateffectonApril17,2013.
3.
4.
Inthepresentcase,itisnotindisputethattheAppellanthasfailedto
applyandobtaintheSCORESauthenticationwithinthetimestipulatedinthe
letter addressed by SEBI on 15th February, 2013. It is contended by the
representativeofthecomplainantthatSCORESauthenticationwasobtained
sometime in December, 2013. For the delay in disobeying the directions of
SEBI,penaltyimposableisRs.OnelacperdaysubjecttothelimitofRs.One
Crore. In the present case, penalty at the rate of Rs.One lac per day would
workouttomorethanRs.Onecrore.AsagainstthepenaltyofRs.Onecrore
-3-
5.
Inthecircumstances,weseenoreasontoentertaintheAppealandthe
sameisherebydismissedwithnoorderastocosts.
Sd/
JusticeJ.P.Devadhar
PresidingOfficer
19/02/2015
Prepared&comparedbyddg
Sd/
A.S.Lamba
Member