sebi:AKD/AO-85/2019-20
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Facts / Headnote
Proceedings established; monetary penalty of Rs. 1,00,000 imposed on the Noticee Company under Section 15HB of the SEBI Act, 1992.
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Parties
- Bhilai Engineering Corporation Limited
Holding
The Noticee Company failed to obtain SCORES authentication within the stipulated timeline and thereby violated SEBI Consolidated Circular CIR/OIAE/1/2014 dated December 18, 2014, and is liable for a monetary penalty of Rs. 1,00,000 under Section 15HB of the SEBI Act, 1992.
Full text
In the matter of Bhilai Engineering Corporation Limited.- Non-obtaining of SCORES authentication Page 2 of 10 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.
In the matter of Bhilai Engineering Corporation Limited.- Non-obtaining of SCORES authentication Page 3 of 10 7. The SCN was sent to the last known addresses of the Noticee Company. However, the Noticee Company did not submit any reply. Thereafter the Hearing Notice dated September 18, 2017 was sent to the Noticee Company at its last known address to appear for personal hearing on November 08, 2017. However the Noticee company did not avail the opportunity of hearing on the scheduled date.
In the matter of Bhilai Engineering Corporation Limited.- Non-obtaining of SCORES authentication Page 4 of 10 a. The Noticee has only 5 public shareholders having a total public shareholding of 7890 shares which amounts to 0.17% of the total shareholding of the Noticee. b. The Noticee has already applied for delisting of the shares of the Noticee on June 26, 2013, and further followed up the matter vide letters dated December 20, 2016 and July 10, 2017. c. The Noticee had applied for SCORES Authentication on November 10, 2017 and obtained SCORES Authentication on November 15, 2017. d. The Company was listed in Madhya Pradesh Stock Exchange Ltd, Calcutta Stock exchange Ltd. and Bombay Stock Exchange Ltd. The MPSE has already been derecognized by SEBI, CSE is under process of de-reorganization. e. The Company is suspended from trading at BSE since October 01, 2002. f. The Company was non-complaint with MPS requirement as per letter dated 04/06/2013. g. The Company has intimated its willingness to SEBI for delisting vide its letter dated June 26, 2013. h. The company is waiting for SEBI’s hearing to be fixed for the purpose of delisting. i. As per company’s record, there is no pending investor grievance against company.
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Source: SecMarx — sebi:AKD/AO-85/2019-20. 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.