sebi:ASK/AO/171/2014-15

SEBI · SEBI · 2012-08-13 · A. Sunil Kumar, Adjudicating Officer

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Violation of Section 15C established; monetary penalty imposed

Provisions invoked

Parties

Holding

The Noticee violated Section 15C of the SEBI Act by failing to redress 8 pending investor grievances within the time specified by SEBI, and is liable for monetary penalty, imposed at Rs. 1,00,000.

Full text

Adjudication order in respect of M/s Shree Mahaganga Sugarmills Ltd. Page 2 of 13 2. SEBI again vide circular no. CIR/OIAE/1/2012 dated August 13, 2012 advised all companies whose securities are listed on stock exchanges to obtain SCORES authentication by September 14, 2012 and required all companies against whom complaints are pending on SCORES to take appropriate necessary steps within 7 days of receipt of complaint by the concerned company through SCORES, so as to resolve the complaint within 30 days of receipt of complaint and also keep the complainant duly informed of the action taken thereon.

Adjudication order in respect of M/s Shree Mahaganga Sugarmills Ltd. Page 3 of 13 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING

Adjudication order in respect of M/s Shree Mahaganga Sugarmills Ltd. Page 4 of 13 8. Subsequently, noticee was given another opportunity of personal hearing on September 18, 2014 vide notice dated September 02, 2014. On the scheduled date of hearing Mr. Vishal Manseta appeared as Authorised Representative on behalf of the Noticee and stated that the dates of the complaints are quite old and therefore requested for grant of three week's time for filing reply to the SCN which was granted. Since there was no reply to the SCN even after lapse of the time granted to the noticee, another opportunity of personal hearing was given to the noticee on November 12, 2014 vide notice dated October 16, 2014.

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Source: SecMarx — sebi:ASK/AO/171/2014-15. 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.