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Adjudication Order in respect of Anantharaman Nallaperumal in the matter of Wisdom Agro Tech India Limited

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Court :
SEBI

Brief :
Vide Interim Order dated December 10, 2014, Whole Time Member of Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) observed that Wisdom Agro Tech India Ltd. (hereinafter referred to as ‘WATIL’/’Company’) was prima facie engaged in the activity of mob8ilizing funds from public which falls within the ambit of ‘Collective Investment Scheme’ (CIS) as defined in Section 11AA of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’). Accordingly, certain directions were issued against the WATIL and its directions including Mr. Anantharaman Nallaperumal (hereinafter referred to as ‘Noticee’). The said directions were confirmed vide confirmatory order dated October 20, 2015.

Citation :
(ADJUDICATION ORDER NO: Order/PM/VC/2020-21/9541)

BEFORE THE ADJUDICATING OFFICER
SECURITIES AND EXCHANGE BOARD OF INDIA
(ADJUDICATION ORDER NO: Order/PM/VC/2020-21/9541)

UNDER SECTION 15-I OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995.
In respect of:
Shri Anantharaman Nallaperumal
PAN: AFXPN3719D
In the matter of:
M/s Wisdom Agro Tech India Limited

FACTS OF THE CASE

1. Vide Interim Order dated December 10, 2014, Whole Time Member of Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) observed that Wisdom Agro Tech India Ltd. (hereinafter referred to as ‘WATIL’/’Company’) was prima facie engaged in the activity of mob8ilizing funds from public which falls within the ambit of ‘Collective Investment Scheme’ (CIS) as defined in Section 11AA of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’). Accordingly, certain directions were issued against the WATIL and its directions including Mr. Anantharaman Nallaperumal (hereinafter referred to as ‘Noticee’). The said directions were confirmed vide confirmatory order dated October 20, 2015.

2. It is alleged inter alia that the Noticee had failed to comply with the directions issued by Whole Time Member of SEBI. Therefore, adjudication proceedings were initiated against the Noticee under the Provisions of Section 15HB of SEBI Act for his failure to comply with the directions of Whole Time Member of SEBI.

APPOINTMENT OF ADJUDICATING OFFICER

3. Vide communique dated July 18, 2018, the undersigned was appointed as the Adjudicating Officer under Section 15-I of the SEBI Act read with Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) to inquire into and adjudge under the provisions of Section 15HB of the SEBI Act w.r.t the alleged failure on the part of the Noticee to comply with the directions issued by the Whole Time Member of SEBI in the interim order dated December 10, 2014.

SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING:

4. A common Show Cause Notice reference no. SEBI/EAD-6/PM/RR/19405/1/2019 dated July 31, 2019 (hereinafter referred to as ‘SCN’) was issued to the Noticee in terms of Rule 4 of the Adjudication Rules read with Section 15 I of the SEBI Act, to show cause as to why an inquiry should not be held and penalty be not imposed on the Noticee under the provisions of Section 15HB of the SEBI Act, for the alleged failure to comply with the directions issued by Whole Time Member vide his interim order dated December 10, 2014

To know more in details find the attachment file.
 

 

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on 12 November 2020
Published in LAW
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