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.