Adjudication Order in respect of M/s Genus Prime Infra Limited (Erstwhile Known as 'M/s Gulshan Chemfill Limited')
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February 23, 2015
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Adjudication Order in respect of M/s Genus Prime Infra Limited (Erstwhile Known as 'M/s Gulshan Chemfill Limited')
Page 3 of 7
February 23, 2015
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Our reply dated 06.08.2013 has been duly acknowledged by you as a reply
to your show cause letter no. LAD-NRO/ADJ/EIF-04/21/20/13/6272/2013
dated 24.07.2013. In our reply submitted earlier we have given details of
SCORES registration of the company and detail of the two complaints
resolved by the company.....
In view of the above mentioned facts, we request you to consider our Reply
and not hold us liable for any penalty under any provision of the SEBI
(Procedure for Holding Inquiry and Imposing Penalties by Adjudicating
Officer) Rules, 1995.
........."
9. On the scheduled date of personal hearing, Ms. Nikita Dubey, appeared as
Authorised Representative (AR). During the hearing, the AR reiterated the
submissions made by the Noticee vide letters dated August 06, 2013 and
January 30, 2013.
Adjudication Order in respect of M/s Genus Prime Infra Limited (Erstwhile Known as 'M/s Gulshan Chemfill Limited')
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February 23, 2015
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issuance of SCN; I hold that the allegation of not resolving investor grievances,
as alleged in the SCN, does not stand established.
ISSUE 2: Whether the Noticee is liable for monetary penalty under Section
15C of the SEBI Act, 1992?
14. The provisions of Section 15C of the SEBI Act, 1992, read as under:
15C Penalty for failure to redress investors' grievances: If any listed
company or any person who is registered as an intermediary, after having
been called upon by the Board in writing, to redress the grievances of
investors, fails to redress such grievances within the time specified by the
Board, such company or intermediary shall be liable to a penalty of one lakh
rupees for each day during which such failure continues or one crore rupees,
whichever is less.
15. Since the allegation against the Noticee of not resolving the investor grievance
pending against it has not been established; therefore, the Noticee is not liable
for monetary penalty under Section 15C of the SEBI Act, 1992.
ISSUE 3: What quantum of monetary penalty should be imposed on the
Noticee taking into consideration the factors mentioned in Section 15J of
the SEBI Act, 1992?
16. Since, the Noticee is not liable for monetary penalty in the instant matter, this
issue deserves no consideration.
ORDER
17.
18. In terms of the provisions of Rule 6 of the SEBI (Procedure for Holding Inquiry
and Imposing Penalties by Adjudicating Officer) Rules 1995, copies of this
Adjudication Order in respect of M/s Genus Prime Infra Limited (Erstwhile Known as 'M/s Gulshan Chemfill Limited')
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February 23, 2015
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Order are being sent to the Noticee and also to Securities and Exchange Board
of India.
Jayanta Jash
Adjudicating Officer
Adjudication Order in respect of M/s Genus Prime Infra Limited (Erstwhile Known as 'M/s Gulshan Chemfill Limited')
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February 23, 2015
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