sebi:PJ/VP/16/2016
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Facts / Headnote
Penalty of Rs. 1,00,000 under Section 15HB imposed for failure to obtain SCORES authentication; Noticee absolved of charge under Section 15C for failure to redress investor complaint.
Provisions invoked
- s. 15
- s. 19
- s. 15J
- s. 15C
Parties
- M/s Vishva Electronics India Limited
Holding
The Noticee violated SEBI Circular No. CIR/OIAE/1/2012 by failing to obtain SCORES authentication and was penalized Rs. 1,00,000 under Section 15HB, but was absolved of the charge of failing to redress one investor complaint within prescribed time attracting Section 15C.
Full text
Adjudication Order in respect of M/s Vishva Electronics India Limited Page 2 of 11 2. SEBI observed from SCORES that one (1) complaint was filed by the investor. The said complaint was not resolved within the specified time in terms of SEBI Circular No. CIR/OIAE/1/2012 dated August 13, 2012. The same was also communicated to the Noticee by SEBI vide its letter Ref. No. OIAE-1/AS/77/2014 dated 01.01.2014. (Inadvertently mentioned as dated 18.11.2014 in the Show Cause Notice).
Adjudication Order in respect of M/s Vishva Electronics India Limited Page 3 of 11 alleged violation of provisions of the circular by not obtaining SCORES authentication and failing to redress one (1) investor complaint within the prescribed time. The SCN was sent by email and the same was delivered.
Adjudication Order in respect of M/s Vishva Electronics India Limited Page 4 of 11 8. The Noticee vide letter dated 18.03.2016 submitted as follows: “We would like to appraise you honour that the said share certificate are not received by the company. The share certificate, may have been returned to Shri L K Ruwatia, or lost in transit. We will issue duplicate certificate of the same no. and quantity 900 shares, on Shri L K Ruwatia completing the lost share certificate formalities. Our company reference is registered with BIFR since 11.11.2002, case No. 39/2003. The case is under consideration for rehabilitation, the company presently is sick unit. Hence we humbly request you to please condown the lapse if any, we are prepare to give fresh share certificate. Please consider you humble request and oblige.” The Noticee has enclosed the document dated 22.01.2003 issued by BIFR directing the reference received on 11.11.2002 stands registered as Case No. 39/2003. Further, the Noticee had enclosed letter dated 18.03.2016 issued by them to the investor how had made the complaint regarding non-transfer of share in his name.
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Source: SecMarx — sebi:PJ/VP/16/2016. 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.