sebi:VKV/AS/AO-11/2017
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Facts / Headnote
Adjudication proceedings disposed of without penalty
Provisions invoked
- s. 15
- s. 15I
- s. 15J
- s. 15C
Parties
- M/s Sooraj Automobiles Ltd.
Holding
The adjudication proceedings against M/s Sooraj Automobiles Ltd. initiated vide Show Cause Notice dated January 21, 2014 are disposed of without penalty as the allegation of failure to redress investor grievances was not established.
Full text
Adjudication order in respect of M/s Sooraj Automobiles Ltd. August 24, 2017 Page 2 of 5 3. As observed from the contents of the Circular, SCORES introduced electronic dealing of the complaints of the investors, by the respective companies. Thus, once a complaint against a company was uploaded by SEBI in the SCORES, it amounted to calling upon by SEBI to such company to redress the investor grievance. Accordingly, it was incumbent upon such company to redress the investor complaint. It was observed that five (07) investor complaint was pending against the Noticee as on January 21, 2014.
Adjudication order in respect of M/s Sooraj Automobiles Ltd. August 24, 2017 Page 3 of 5 Noticee. A copy of the aforesaid SCN along with its annexures was also enclosed along with the hearing notice to attend the hearing in the matter on March 02, 2016 at SEBI Northern Regional Office, New Delhi. The hearing notice was duly served through Department of post.
Adjudication order in respect of M/s Sooraj Automobiles Ltd. August 24, 2017 Page 4 of 5 13. As already observed, SEBI introduced an online electronic system for resolution of investor grievances, i.e., SCORES in 2011. For the purposes of accessing the complaints of the investors against them, as uploaded in the SCORES, listed companies were required to login to SCORES system electronically through a company specific user id and password, to be provided by SEBI. In this regard, from the submissions of the Noticee I note that it had provided details for authentication for SCORES user id & password on 28.12.2011. Regarding five (05) pending investor complaint(s) relating to Refund/Allotment/ Dividend/Transfer/Bonus/Rights/ Redemption/Interest as mentioned in the SCN, the Noticee through its submissions contended that it had duly resolved the pending grievance on SCORES. Subsequently, SEBI-Lucknow Local office vide its e-mail has also confirmed (screenshot of SCORES is present on record) that the Noticee had obtained SCORES authentication and had resolved the pending investor grievance (as mentioned in the SCN).
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Source: SecMarx — sebi:VKV/AS/AO-11/2017. 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.