sebi:VKV/DL/AO-106/2016
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Facts / Headnote
Adjudication proceedings disposed of; no penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 15C
Parties
- M/s Herman Milkfoods Ltd
Holding
The Noticee was held not to have violated Section 15C of the SEBI Act, 1992, and consequently not liable for any monetary penalty, because the statutory precondition of being 'called upon by the Board in writing' to redress investor grievances was not fulfilled.
Full text
Adjudication Order against M/s Herman Milkfoods Ltd March 28, 2016 Page 2 of 5 2. 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 one (01) investor complaint(s) were pending against the Noticee.
Adjudication Order against M/s Herman Milkfoods Ltd March 28, 2016 Page 3 of 5 6. The said SCN bearing No. SEBI-NRO/OW/AO/VKV/DL/93/2016 dated 29.01.2016 was sent at the last known address(s) at “S C O 834 1st Floor Chamber No 1,NAC Manimajra, Chandigarh - 160101” of the Noticee through Postal Department. However, Noticee did not submit any reply for the same.
Adjudication Order against M/s Herman Milkfoods Ltd March 28, 2016 Page 4 of 5 ISSUE 1: Whether the Noticee has violated the provisions of Section 15C of SEBI Act, 1992?
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Source: SecMarx — sebi:VKV/DL/AO-106/2016. 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.