In the matter of M/s. Core Emballage Ltd.
Case brief
What is this about?
SAT dismissed the appeal filed by M/s. Core Emballage Ltd. against SEBI's order imposing a penalty of Rs. 1 lakh for violating Regulation 53A concerning share registry management, holding that maintaining records at two agencies constituted a violation warranting penalty.
What did the court decide?
Impugned order affirms penalty of Rs. 1 lakh; no interference in appeal.
What the court decided
IN THE SECURITIES APPELLATE TRIBUNAL MUMBAI
Appeal No. 109 of 2006
Date of Decision 8.9.2006
M/s. Core Emballage Ltd.
…… Appellant
Versus Securities & Exchange Board of …… Respondent India
Present : Mr. Niraj Trivedi, PCS for the appellant Mr. Deepak Shah, Advocate for the respondent
Coram:
Justice N.K. Sodhi, Presiding Officer C. Bhattacharya, Member R. N. Bhardwaj, Member
Per: Justice N.K. Sodhi, Presiding Officer (oral)
On the request of both parties the appeal has been taken up
for final hearing.
Issues for consideration
3 issues framed by the court
Whether the appellant violated Regulation 53A by maintaining share records at two different points.
Whether the penalty imposed under Section 15HB was excessive given the company's financial status.
Whether the appellants' claim of no actual harm caused to investors warranted reduction of penalty.
Parties & counsel
- appellant
M/s. Core Emballage Ltd.
- respondent
Securities and Exchange Board of India
Coram
N.K. Sodhi
Case details
As recorded by the court registry
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