sebi:OIAE/EAD-3/AO/DRK-AKS/673/219-2014
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Facts / Headnote
Penalty imposed on noticee for non-redressal of investors' grievances
Provisions invoked
- s. 15
- s. 15J
- s. 15C
Parties
- Geologging Industries Ltd.
Holding
The noticee, Geologging Industries Ltd., was held liable under Section 15C of the SEBI Act for failing to redress investors' grievances within the time specified by SEBI, and a penalty of Rs. 2,00,000 was imposed.
Full text
Page 2 of 8 SEBI Act, for the alleged non redressal of three investors grievances / complaints against the noticee in SCORES that were pending for more than two years. It was also mentioned in the SCN that vide letter dated 22.01.2013, SEBI had earlier directed the noticee to resolve the aforesaid 3 investors grievances. It was also mentioned in the said letter that if the noticee fails to redress the complaints, SEBI may take action against the noticee under Sections 15 C and 24 of the SEBI Act. Further, the SCN also refers to SEBI's letter dated 15.02.2013 wherein the noticee was again directed to resolve the aforesaid 3 investors grievances failing which SEBI may initiate Regulatory Actions against the noticee which includes debarring from securities market and or / imposing penalty.
Page 3 of 8 15th March 2013, the complaint was closed by OIEA-HO-DO on the ground that the complaint is without proper address.
Page 4 of 8 7. The noticee vide its subsequent letter dated January 24, 2014 submitted that the complaint of Vaishnav is whether the noticee is doing any business, declared dividend etc. and the noticee had spoken to him and sorted out his issue. With regards to Maniar, noticee stated that his complaint is going to be closed by its share transfer agent. The noticee submitted that both complaints are closed in SCORES in April 2013. The noticee enclosed copy of e-mails sent to the complainant dated December 21, 2013 and December 30, 2013 and the copy of reply received by the noticee via e-mails dated December 23, 2013 and January 01, 2014. 8. Now, I am proceeding the case taking into account the noticee’s aforesaid reply to the SCN / submissions and the material available on record. Consideration of Case and Finding:
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Source: SecMarx — sebi:OIAE/EAD-3/AO/DRK-AKS/673/219-2014. 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.