sebi:VKV/DL/AO-12/2016
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Facts / Headnote
Adjudication proceedings disposed of; no penalty imposed
Provisions invoked
- s. 15
- s. 15I
- s. 15J
- s. 15C
Parties
- Atlas Jewellery India Limited
Holding
The Noticee was not found liable for failing to resolve investor grievances, and consequently no monetary penalty under Section 15C of the SEBI Act, 1992 was imposed.
Full text
Adjudication order against Atlas Jewellery India Limited February 04, 2016 Page 2 of 6 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 investor complaint was pending against the Noticee as on March 30, 2015. APPOINTMENT OF ADJUDICATING OFFICER
Adjudication order against Atlas Jewellery India Limited February 04, 2016 Page 3 of 6 6. In the interest of natural justice and in order to conduct an inquiry in terms of rule 4(3) of the Adjudication Rules, the undersigned issued a notice of hearing vide hearing notice no. SEBI-NRO/OW/AO/VKV/DL/2049/2015 dated December 08, 2015 to the Noticee to attend the hearing in the matter on December 28, 2015 at SEBI Northern Regional Office, New Delhi. The hearing notice was sent through Department of post.
Adjudication order against Atlas Jewellery India Limited February 04, 2016 Page 4 of 6 PERSONAL HEARING 9. On the scheduled date of personal hearing, Mr. Chandan Mahapatra, Company Secretary appeared as Authorised Representative (AR). During the hearing, the AR made the following submissions, which inter alia, stated as under: ".......... The AR reiterated the submissions made vide letter dated December 15, 2015. The AR also informed that the company is already in touch with investor Manju Somani/Narender Kumar Somani with the complainant and has made various communications with the complaint for redressing the same, copy of the same submitted and now compliant has been duly resolved by the Company on November 26, 2015. ……..”
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Source: SecMarx — sebi:VKV/DL/AO-12/2016. 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.