sebi:VKV/DL/AO-46/2016
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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 Sona Koyo Steering Systems Ltd
Holding
The adjudication proceedings against Sona Koyo Steering Systems Ltd were disposed of with no penalty under Section 15C, as the allegation of failure to redress investor grievances was held not established.
Full text
Adjudication order in respect of Sona Koyo Steering Systems Ltd February 22, 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 (01) investor complaint was pending against the Noticee as on July 22, 2012.
Adjudication order in respect of Sona Koyo Steering Systems Ltd February 22, 2016 Page 3 of 6 inquiry be not held against it in terms of rule 4 of the Rules read with section 15I of SEBI Act, 1992 and penalty be not imposed under section 15C of SEBI Act, 1992 for the violations alleged to have been committed by the Noticee.
Adjudication order in respect of Sona Koyo Steering Systems Ltd February 22, 2016 Page 4 of 6 “…….We reiterate the submissions made by the Noticee vide letter dated September 05, 2015. Further, the pending complaint of the complainant has been resolved by the Company. We have no further submissions to make in the matter. ........”
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Source: SecMarx — sebi:VKV/DL/AO-46/2016. 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.