9911796707
TMI Blog2014 (6) TMI 899X X X X Extracts X X X X X X X X Extracts X X X X ..... s resolved investors’ complaints in question on April 16, 2014. It is noted that due procedure established by law has been followed by the learned adjudicating officer in conducting the inquiry against the appellant and in imposing the penalty in question. Various aspects, including the sickness of the company and its poor financial health, have already been taken into consideration by the learned adjudicating officer while imposing a token penalty of ₹ 3 lac. We, therefore, do not find any ground to interfere with the impugned order in the matter of imposition of penalty even on the ground of proportionality. - Decided against the appellant. - Appeal No. 112 of 2014 - - - Dated:- 11-6-2014 - J. P. Devadhar and Jog Singh, JJ. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 redressal grievances system has been conceived by the regulator and is being implemented effectively to ensure that investors grievances do not remain pending for a long. In the present case, the appellant has admittedly not bothered to answer complaints atleast one of the investors, namely, Mr. K. L. Chawla since the year 1996-97. This is not conducive to the growth of a disciplined and well regulated capital market. Moreover, the learned adjudication officer has himself taken a lenient view by imposing a nominal consolidated penalty of ₹ 3 lac on the appellant for vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent imposing a penalty of ₹ 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 adjudicating officer in conducting the inquiry against the appellant and in imposing the penalty in question. Various aspects, including the sickness of the company and its poor financial health, have already been taken into consideration by the learned adjudicating officer while imposing a token penalty of ₹ 3 lac. The law prescribes a severe penalty of ₹ 1 lac per day for violation which may go ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
