valid as on 15/10/2018

2.10.41:Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

41. Disciplinary proceedings.

(1) Based on the findings of an inspection or investigation, or on material otherwise available on record, if the Board is of the prima facie opinion that sufficient cause exists to take actions permissible under section 220, it shall issue a show-cause notice to the information utility.

(2) The show-cause notice shall be in writing and shall state-

(a) the provisions of the Code under which it has been issued;

(b) the details of the alleged facts;

(c) the details of the evidence in support of the alleged facts;

(d) the provisions of the Code allegedly violated, or the manner in which the public interest has allegedly been affected;

(e) the actions or directions that the Board proposes to take or issue if the allegations are established;

(f) the manner in which the information utility is required to respond to the show-cause notice;

(g) consequences of failure to respond to the show-cause notice within the given time; and

(h) procedure to be followed for disposal of the show-cause notice.

(3) The show-cause notice shall enclose copies of relevant documents and extracts of relevant portions from the report of investigation or inspection, or other records.

(4) A show-cause notice issued shall be served on the information utility in the following manner-

(a) by sending it to the information utility at its registered office, by registered post with acknowledgement due; and

(b) by an appropriate electronic means to the email address provided by the information utility to the Board.

(5) The Disciplinary Committee shall dispose of the show-cause notice by a reasoned order in adherence to principles of natural justice.

(6) The Disciplinary Committee shall endeavor to dispose of the show-cause notice within a period of six months of the issue of the show-cause notice.

(7) The order in disposal of a show-cause notice may provide for-

(a) no action;

(b) warning;

(c) any of the actions under section 220(2) to (4); or

(d) a reference to the Board to take any action under section 220(5).

(8) The order passed under sub-regulation (7) shall not become effective until thirty days have elapsed from the date of issue of the order, unless the Disciplinary Committee states otherwise in the order along with the reasons for the same.

(9) The order passed under sub-regulation (7) shall be issued to the information utility immediately, and be published on the website of the Board. If the order passed under sub-regulation (7) suspends or cancels the registration of the information utility, the Disciplinary Committee may require the information utility to-

(a) discharge pending obligations;

(b) continue its functions till such time as may be directed, only to enable users to transfer information stored with it to another information utility; and

(c) comply with any other directions.


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