sebi:CO/254/IGG/10/2002
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Facts / Headnote
Direction to redress pending investor grievances within one month, failing which prosecution and debarment to follow without further notice
Provisions invoked
- s. 11B
- s. 73
- s. 621
Regulations
- Reg. 30A
Parties
- Goodvalue Marketing Company Limited
- Directors of Goodvalue Marketing Company Limited
Holding
GMC was directed under Section 11B of the SEBI Act, 1992 to redress its pending investor grievances within one month from the date of the order, failing which SEBI would initiate prosecution and debar GMC and its directors from the capital market for 5 years without further notice.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ DIRECTIONS UNDER SECTION 11B OF THE SEBI ACT, 1992 TO GOODVALUE MARKETING CO. LTD., MUMBAI & ITS DIRECTORS Securities and Exchange Board of India (SEBI) has received several complaints from investors against Goodvalue Marketing Company Limited (hereinafter referred to as GMC) over a period of time. The same were forwarded to GMC for redressal. As on September 30, 2002, GMC has a total of 53 investor grievances pending against it. On failure to redress the pending investor grievances by GMC, SEBI vide letter dated April 3, 2002 advised GMC to meet SEBI's officials in connection with redressal of investor's grievances pending against it. However, GMC failed to remain present. Subsequently, SEBI vide letter dated May 24, 2002 called upon GMC to show cause as to why appropriate action/proceedings under Sections 11B & 27 of SEBI Act, 1992 read with Section 621 of the Companies Act, 1956 should not be initiated against GMC for the alleged violation of the provisions of Section 73 and 113 of the Companies Act, 1956. However, till date SEBI has not received any reply to the show cause notice from GMC. Now, therefore, in exercise of the powers conferred upon me under Section 11B of the SEBI Act, 1992, I hereby direct GMC to redress the investor's grievances pending against GMC within a period of one month from the date of this order failing of which SEBI would be constrained to initiate actions as under
Sections 11B & 27 of SEBI Act, 1992 read with Section 621 of the Companies Act, 1956 should not be initiated against GMC for the alleged violation of the provisions of Section 73 and 113 of the Companies Act, 1956. However, till date SEBI has not received any reply to the show cause notice from GMC. Now, therefore, in exercise of the powers conferred upon me under Section 11B of the SEBI Act, 1992, I hereby direct GMC to redress the investor's grievances pending against GMC within a period of one month from the date of this order failing of which SEBI would be constrained to initiate actions as under without `giving any further notice:
Order against Goodvalue Marketing Company Limited Oct 14, 2002 | Orders : Orders of Chairman/Members CO/254/IGG/10/2002 SECURITIES AND EXCHANGE BOARD OF INDIA
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Source: SecMarx — sebi:CO/254/IGG/10/2002. 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.