sebi:OIAE/VSL/AO/DRK-DS/EAD-3/572/116-14
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Facts / Headnote
Penalty imposed on Noticee for non-redressal of investor grievances
Provisions invoked
- s. 15
- s. 15J
- s. 15C
Parties
- Vakrangee Softwares Ltd.
Holding
The Adjudicating Officer held that Vakrangee Softwares Ltd. violated Section 15C of the SEBI Act by failing to redress investor grievances within the time specified by SEBI despite being called upon in writing, and imposed a penalty of Rs. 2,00,000.
Full text
Page 2 of 8 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 3. A Show Cause Notice no. A&E/EAD/DRK-BM/18310/2013 dated July 23, 2013 (hereinafter referred to as "SCN") was served on the Noticee by “HDAD” in terms of the provisions of Rule 4 of the Rules requiring the Noticee to show cause as to why an inquiry should not be held against the Noticee and why penalty, if any, 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 writing.
Page 3 of 8 rights issue report evidencing the proof of credit of shares in his account on SCORES We had sent an explanation regarding his query and also a mail asking for confirmation from the complainant, but the company failed to receive any reply from the complainant. Shankar Raman 1.Bonus got credited
Page 4 of 8 regarding his query, the reply letter alongwith the dispatch proof is attached on SCORES MC Sheth Non-receipt of dividend We have attached the confirmation mail as received from the bank confirming the payment of the dividend to the complainant on SCORES Our RTA has already given reply regarding the complaint. Since the shares were in the name of Kalpesh T. Parikh, the dividends were paid to him.
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Source: SecMarx — sebi:OIAE/VSL/AO/DRK-DS/EAD-3/572/116-14. 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.