sebi:AO/SBM/EAD-3/33/2017
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Facts / Headnote
Violation not established; matter disposed of without penalty
Provisions invoked
- s. 15
- s. 15J
- s. 15C
Parties
- Inlac Granston Limited
Holding
The alleged violations of Sections 15C and 15A(a) of the SEBI Act, 1992 were not established against Inlac Granston Limited and the matter was accordingly disposed of without penalty.
Full text
Page 2 of 10 2. Vide letter dated March 08, 2013, Noticee was advised to redress the three pending investor grievances within 7 days from the date of receipt of the said letter. The Noticee was also informed through the aforementioned letter that in terms of SEBI Circular No. CIR/OIAE/2/2011 dated June 03, 2011 and Circular No CIR/OIAE/1/2012 dated August 13, 2012, all companies against whom the complaints are pending on SCORES, shall take appropriate necessary steps within 7 days of receipt of the complaint through SCORES, so as to resolve the complaint within 30 days and also keep the complainant duly informed of the action taken However, it is alleged that Noticee has failed to comply with the aforesaid SEBI directives. APPOINTMENT OF ADJUDICATING OFFICER
Page 3 of 10 provisions of Sections 15 C and 15A (a) of the SEBI Act. The following observations/ allegations were made in the SCN issued to the Noticee: a) It was alleged that SEBI vide letter dated March 08, 2013 had directed the Noticee to redress the investor grievances pending against it for more than 30 days in SCORES, within seven (7) days from the date of receipt of the said letter by the Noticee and advised the Noticee to submit the ATR in SCORES. The Noticee was also advised that failure on its part to redress the pending investor 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) It was alleged that the Noticee neither replied to the said letter dated March 08, 2013, nor has taken any steps to redress the investor grievances within the stipulated time in spite of the fact that Noticee was called upon by SEBI in writing to do so. Further, the three complaints were shown as pending against the Noticee for more than two years. c) Thus, it was alleged that despite the letter from SEBI, as aforesaid, the Noticee had failed to take concrete steps to redress the grievances and also failed to file the ATR, which has resulted in adjudication proceedings initiated against the Noticee in terms of Sections 15 C and 15A(a) of the SEBI Act. The list of the pending three investor grievances
Page 4 of 10 a) The Company had registered itself with SCORES, within the stipulated time and have filed the details on January 24, 2013 with SEBI. b) It received user id and password for SCORES on January 28, 2013. c) Noticee also requested for three weeks’ time to submit its reply in response to the allegation of non- redressal of investor grievances and also requested for personal hearing in the matter.
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Source: SecMarx — sebi:AO/SBM/EAD-3/33/2017. 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.