sebi:AKD/AO-79/2018-19
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Facts / Headnote
Adjudication proceedings disposed of; no penalty imposed.
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Parties
- Gwalior Sugar Company Ltd.
Holding
The allegation that Gwalior Sugar Company Ltd. failed to obtain SCORES authentication was not established, as the Noticee Company is not listed on any SEBI recognized Stock Exchanges, and SEBI has no jurisdiction to initiate adjudication proceedings against a delisted company under the SEBI Consolidated Circular.
Full text
Order in respect of Gwalior Sugar Company Ltd.in the matter of Non-obtaining of SCORES authentication Page 2 of 6 3. SEBI vide Circular No. CIR/OIAE/l/2014 dated December 18, 2014 (hereinafter referred to as ‘SEBI Consolidated Circular’) consolidating the aforesaid circulars i.e. CIR/OIAE/2/2011 dated June 3, 2011, CIR/OIAE/1/2012 dated August 13, 2012, CIR/OIAE/1/2013 dated April 17, 2013 had inter-alia, directed all the companies whose securities were listed on stock exchanges to obtain SCORES authentication and redress the pending investor grievances within the stipulated time period. The said SEBI Consolidated Circular further, inter-alia, stated that failure by any listed company to obtain SCORES authentication would not only be deemed as non-redressal of investor grievances but would also indicate willful avoidance of the same.
Order in respect of Gwalior Sugar Company Ltd.in the matter of Non-obtaining of SCORES authentication Page 3 of 6 SHOW CAUSE NOTICE, REPLY AND HEARING
Order in respect of Gwalior Sugar Company Ltd.in the matter of Non-obtaining of SCORES authentication Page 4 of 6 The Noticee was listed on BSE, and it was suspended for over 13 years. Subsequently, BSE vide Notice No. 20161212-8 dated December 12, 2016 delisted the Noticee. Since, the Noticee was suspended for a long time and subsequently delisted by BSE, the Noticee was mistaken that it was not supposed to take SCORES Authentication and resolve the pending investor complaints, if any. The Noticee accepts that it has not taken SCORES Authentication based on its interpretation of law and it was unintentional on the part of the Noticee. The Noticee also submits that there are no pending investor complaints in respect of the Noticee. The Noticee also seeks a time till November 27, 2017 for submitting further reply. The Noticee also submits that the MCA Portal data is showing the Noticee to be a listed entity as on date. The Noticee would take immediate steps to rectify the erroneous data in the MCA Portal. The Noticee accepts the wrong uploading of data in the MCA Portal although it was a typographical error/unintentional mistake on the part of the Noticee.
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Source: SecMarx — sebi:AKD/AO-79/2018-19. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.