sebi:AO/SBM/EAD-3/24/2016
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Facts / Headnote
Proceedings disposed of without penalty - alleged violation not established
Provisions invoked
- s. 15
- s. 15C
Parties
- SB&T International Limited
Holding
The alleged violation of Section 15C of the SEBI Act by the Noticee for failure to redress two SCORES complaints could not be established. The proceedings initiated vide SCN dated July 31, 2013 were accordingly disposed of without imposing any penalty.
Full text
Page 2 of 6 Rules, 1995 (hereinafter referred to as „Adjudication Rules’) to inquire into and adjudge under the provisions of Section 15C of the SEBI Act for the alleged failure on the part of the Noticee to redress the pending complaints received against it. Subsequently, upon the transfer of Shri D. Ravikumar, I have been appointed as the Adjudicating Officer, in the present matter, vide Order dated June 22, 2015.
Page 3 of 6 the SCN also returned undelivered. In terms of Rule 7 of the Adjudication Rules, copy of the SCN was affixed on the Noticee‟s last known address available with SEBI. Thereafter, in the interest of natural justice and in order to conduct an inquiry in terms of Rule 4 (3) of the Adjudication Rules, the Noticee was granted an opportunity of personal hearing on January 08, 2016 vide notice dated December 15, 2015 and the said notice of hearing was also affixed on the last known address of the Noticee.
Page 4 of 6 c. In the matter of Shri. Arjan Muru Keshwala & Shri Vipul Daftari, the dividend warrants for the dividend declared for the financial year 2007-08 were issued on time but were misplaced by them and they have lodged complaint in SCORES on 25.11.2010 and 29.06.2009 respectively. d. The Company has taken steps and redressed both the grievances. However, there was a lapse but it was only technical in nature and much time was taken to dig out the details of the shareholders from the Registrar & Transfer Agent's system. e. The Company has tried to retrieve the desired details from its records and from its Registrar and Transfer Agent's records. The dividend warrants, acknowledgement / proof of warrants returned undelivered etcpertain to the year 2007-08 and it was virtually impossible for the Company to locate such details of the two persons after a period of almost 7 years. f. We are attaching herewith details of the dividend warrants sent subsequently by the company to Shri. Arjan Muru Keshwala for Rs. 2350/- and Rs. 500/- along with proof of dispatch details. The same were being encashed by Shri. Arjan Muru Keshwala, proof of which is being attached by way of ING Vysya Bank Statement of the Company.
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Source: SecMarx — sebi:AO/SBM/EAD-3/24/2016. 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.