sebi:OIAE/NHCL/AO/DRK-CS/EAD-3/432/98-13
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Disposed of - allegation not established
Provisions invoked
- s. 24
- s. 15C
Parties
- Natura Hue Chem Ltd.
Holding
The allegation of non-redressal of investor grievances against Natura Hue Chem Ltd. as specified in the SCN dated July 29, 2013 could not be established, and the matter was disposed of without penalty.
Full text
Page 2 of 4 should not be imposed on the Noticee under Section 15C of the SEBI Act for the non-redressal of investor grievances inspite of being called upon by SEBI to do so in witting. In the said SCN, it was stated/ alleged that the Noticee was informed vide letter dated January 22, 2013 that three investor complaints were pending (for more than two years) against it in the SCORES and was directed to take steps within seven days of the receipt of the letter. This letter also mentioned that non-redressal of the investor complaint shall attract the penalty under section 15C and prosecution under section 24 of the SEBI Act. It was further observed that the Noticee had neither replied to the aforesaid letter dated January 22, 2013, nor redressed the investor grievances within the stipulated time inspite of it being called upon to do so in writing. As the grievances remained unresolved, a reminder was sent vide letter dated February 15, 2013 reminding the Noticee to redress all pending complaints and submit action taken report. It was also informed vide this letter that the company must submit its action taken report within seven days of receipt of complaint through SCORES and the complaint must be resolved within a period of 30 days, failing which SEBI may initiate Regulatory action against the company which includes debarring from securities market and/ or imposing penalty.
Page 3 of 4 Noticee failed to appear on the said date a final opportunity of hearing was granted to the Noticee vide hearing notice dated September 23, 2013 to appear on October 4, 2013 at 11:30 a.m. at SEBI Bhavan, Mumbai. Noticee vide its letter dated October 1, 2013 authorised Mr. S.K. Batra, a Practicing Company as its Authorised Representative (AR) for the aforementioned hearing. Noticee along with the letter dated October 1, 2013 has enclosed a letter dated December 5, 2008 written to SEBI-OIAE, requesting to send the copy of the complaints as it did not receive the complaints filed by the complainants. During the course of personal hearing on October 4, 2013 the AR with regard to the complaint of Shri R. Sarvanan has submitted that the shares were forfeited and the same was intimated to the investor. With regard to the complaint of Bijal D. Vora AR has submitted that they have not received the transfer documents from the complainant.
Page 4 of 4 had lost the commercial value….Accordingly the complainant was informed that the certificates were not returned on account of forfeiture.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:OIAE/NHCL/AO/DRK-CS/EAD-3/432/98-13. 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.