sebi:VKV/DL/AO-08/2016
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Adjudicating proceedings disposed of; no penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 15C
Parties
- Swarnima Oil Industries Ltd.
Holding
The Noticee was held not liable for violating Section 15C of the SEBI Act, 1992, and no monetary penalty was imposed, because the Noticee never obtained SCORES authentication and therefore the statutory precondition of being 'called upon by the Board in writing' to redress grievances was never fulfilled.
Full text
Adjudicating Order in respect of Swarnima Oil Industries Ltd. February 03, 2016 Page 2 of 5 centralized web based complaints redress system SCORES in terms of the Circular and advising the Noticee to send the information (i.e. details for authentication) as required in the Circular, at the earliest. The above mentioned letters returned undelivered.
Adjudicating Order in respect of Swarnima Oil Industries Ltd. February 03, 2016 Page 3 of 5 7. The said SCN No. SEBI/NRO/AO/VKV/DL/SCN/2256/2015 dated December 18, 2015 was sent at the known office address (s) at“34, KM Stone, GT Road, Dadri, Ghaziabad, Uttar Pradesh-203207” of the Noticee through Postal Department. However, the same was undelivered.
Adjudicating Order in respect of Swarnima Oil Industries Ltd. February 03, 2016 Page 4 of 5 is uploaded by SEBI in the SCORES, it amounted to calling upon by SEBI to such company to redress the investor grievance. For the purposes of accessing the complaints of the investor 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. I note that SCN dated December 18, 2015 inter alia alleged that by not submitting the details for authentication as required by the circular, the Noticee did not obtain the user id and password which was essential for accessing the complaints pertaining to the Noticee, as uploaded on the SCORES for redressing the investor grievances and subsequent redressal thereof.
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Source: SecMarx — sebi:VKV/DL/AO-08/2016. 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.