sebi:EAD/KS/AA/AO/43/2017-18
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Facts / Headnote
Penalty imposed on the Noticee for failure to redress investor complaint
Provisions invoked
- s. 15
- s. 15J
- s. 15F
- s. 15C
Parties
- Lords Chemicals Limited
Holding
The Noticee, Lords Chemicals Limited, failed to redress an investor complaint regarding non-payment of declared dividend in accordance with SEBI Circular No. CIR/OIAE/1/2014 dated December 18, 2014 and is liable for penalty under Section 15C of the SEBI Act, 1992. A penalty of Rs. 5,00,000/- was imposed on the Noticee.
Full text
Page 2 of 13 respect of non-payment of dividend in accordance with the provisions of SEBI Circular No. CIR/OIAE/1/2014 dated December 18, 2014 and thereby, was liable for penalty under Section 15C of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as 'SEBI Act').
Page 3 of 13 (b) As per the Action History of SCORES, the said complaint was pending as on May 12, 2016 and it was alleged that the Noticee had failed to redress the said complaint in accordance with the SEBI Circular No. CIR/OIAE/1/2014 dated December 18, 2014.
Page 4 of 13 (a) This is for your kind information that Annual General Meeting for the financial year 2011-2012 of Lords Chemicals Limited was held on Saturday, 29th September, 2012 in which the dividend approval of 5% (Rs. 0.50 per share) was unanimously passed. We were having stabilized financial situation during 2011-2012, on basis of which we were happy to share the good times with our shareholders. However, soon from October 2012, we had to face unforeseen situation, resulting the usage of working capital, finally the forceful unfortunate shut down of the manufacturing chemical plant at Kolkata by November 2012, which was our main source of flow of fund.
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Source: SecMarx — sebi:EAD/KS/AA/AO/43/2017-18. 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.