sebi:OIAE/EAD-3/AO/DRK-ASR/708/33-2015
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Facts / Headnote
Penalty imposed on noticee for failure to redress investor grievance within prescribed time
Provisions invoked
- s. 15
- s. 15J
- s. 15C
Parties
- Envair Electrodyne Limited
Holding
The noticee, Envair Electrodyne Limited, violated Section 15C of the SEBI Act by failing to redress an investor grievance within the prescribed 30-day period, and a penalty of Rs. 25,000 was imposed.
Full text
Page 2 of 6 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING: 3. A Show Cause Notice No. A&E/EAD-3/DRK-VVK/18938/2013 dated July 30, 2013 (hereinafter referred to as “SCN”) was sent to the noticee by Registered Post Acknowledgement Due (hereinafter referred to as “RPAD”) under Rule 4 (1) of the Adjudication Rules, to show cause as to why an inquiry should not be held against the noticee and why penalty, if any, should not be imposed under Section 15C of the SEBI Act, for the alleged non redressal of one investor grievance against the noticee in SEBI Complaints Redress System (hereinafter referred to as "SCORES") that was pending for more than two years. The complaint was filed by Shri Rajaram Biyani (hereinafter referred to as “Rajaram”) for “non–receipt of dividend”.
Page 3 of 6 6. Thereafter, for the purpose of inquiry, an opportunity of hearing was granted to the noticee on May 05, 2014 vide hearing notice dated April 11, 2014 which was served upon the noticee by Registered post on April 22, 2014. In its reply dated April 23, 2014 to the aforesaid hearing notice, the noticee submitted that it has already replied to the SCN and there is no complaint pending against the noticee on SCORES. Noticee also submitted that it had applied for the SCORES authentication to SEBI vide its letter dated July, 18, 2011.
Page 4 of 6 company issued a demand draft dated March 15, 2013 of ` 70/- (Rupees Seventy only) and dispatched it to the complainanat on March 18, 2013. Subsequently, the complaint was resolved on March 20, 2013 i.e, after lapse of around three years.
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Source: SecMarx — sebi:OIAE/EAD-3/AO/DRK-ASR/708/33-2015. 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.