New Delhi: Capital markets regulator Sebi’s special court has sentenced an individual to six months of imprisonment for non-payment of penalty. Besides, the regulator has slapped a fine of Rs 25 lakh on the individual.
The order came on a complaint filed by the watchdog against Mangalaben A Doshi (the accused) for non-payment of penalty imposed by its adjudication officer in December 2012 in the matter of Eltrol Ltd.
The accused was directed to pay the fine within 45 days but she failed to make the payment and accordingly the present case was filed.
Passing the order on April 11, Sebi’s special court said the complainant succeeded in proving beyond reasonable doubt that the adjudicating officer imposed the penalty of Rs 8 lakh through an order in December 2012 and that a reminder letter was also served. Therefore, the accused was well aware of the adjudication order.
“Undisputedly, the accused has not paid penalty. All the ingredients of… the Sebi Act are proved beyond a reasonable doubt,” according to the order uploaded on Sebi website on Wednesday.
Consequently, Doshi has been convicted for the offence punishable under Sebi Act and has been directed to pay Rs 25 lakh fine and also sentenced her to simple imprisonment of six months.
After realisation of fine, Rs 20 lakh will be paid to Sebi as compensation, the order noted.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
