sebi:AO/SBM/11/2017
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 15
- s. 19
- s. 12
- s. 15C
- s. 19H
- s. 19C
- s. 19D
Regulations
- Reg. 53B
- Reg. 53
Parties
- Eduexel Infotainment Limited (Formerly known as TGF Media Systems Limited)
Holding
The Noticee is liable for a monetary penalty of Rs. 6,00,000 under Section 15C of the SEBI Act and Sections 19C and 19D of the Depositories Act for failure to redress investor complaints within the time specified by SEBI, resulting in violation of Section 15C of the SEBI Act and Regulations 53B and 54(5) of the SEBI (Depositories and Participants) Regulations, 1996.
Full text
Page 2 of 15 complaints, vide letter dated April 19, 2012, SEBI instructed the Noticee to take necessary steps to redress the pending complaints within 15 days and submit the status by uploading the ATR in SCORES. Since the Noticee failed to take steps to redress the complaints, another letter dated June 12, 2012 was sent to the Noticee by SEBI advising it to redress the pending complaints within seven days and submit the ATR through SCORES.
Page 3 of 15 19C and 19D of Depositories Act. The SCN issued to the Noticee inter alia mentioned the following: a. It was alleged that SEBI had vide its letter dated April 19, 2012, directed the Noticee to redress the investor grievances pending against the company, within fifteen (15) days from the date of receipt of the said letter by the Noticee and advised it to submit the ATR in SCORES. The Noticee was also advised that failure on its part to redress the pending complaints within the time frame specified would attract appropriate penal action, including initiation of Adjudication Proceedings, debarment from accessing capital markets and prosecution proceedings against the company and its directors. b. Since the Noticee had failed to redress the complaints, SEBI sent another letter dated June 12, 2012 to the Noticee with instructions to redress the complaints pending against it in SCORES and submit the status report within seven days from the date of receipt of the said letter. c. It was alleged that vide letters dated April 19, 2012 and June 12, 2012, the Noticee was called upon by SEBI in writing to resolve the said 10 complaints, which were pending against the company in SCORES, within the time specified by the Board. It was observed in the SCN dated October 29, 2012 that the 10 investor grievances were pending to be resolved by the Noticee as on the date of the initiation of the proceedings against it. It was alleged that the Noticee had failed to take necessary steps
Page 4 of 15 February 14, 2013 was sent to the Noticee advising it to submit the reply to the SCN within 15 days of the receipt of the letter.
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Source: SecMarx — sebi:AO/SBM/11/2017. 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.