sebi:WTM/AB/OIAE/IGRD/7129/2019-20
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Facts / Headnote
SCN disposed of without issuing any directions
Provisions invoked
- s. 19
Parties
- Lilac Power Limited
Holding
The SCN issued against the Noticee for non-redressal of investor grievances was disposed of without issuing any directions, because the Noticee had been delisted from BSE since July 02, 2004 and the SCORES authentication and grievance-redressal requirements under the 2011 and 2012 Circulars apply only to companies whose securities are listed on a recognized stock exchange.
Full text
Final Order in the matter of Lilac Power Limited Page 2 of 4 about the commencement of the process of resolution of investor complaints in the SEBI Complaints Redress System (SCORES), which is an online portal/mechanism. The online electronic centralized database was meant for receiving complaints and moving it online to the concerned listed companies for resolution of complaints and uploading the Action Taken Report (hereinafter referred to as “ATR”) by the companies so as to be accessible to the investors online. The listed companies, after having received the complaints are required to take appropriate steps to resolve the complaints and upload their ATRs by logging in to SCORES by using their SCORES authentication (consisting of user ID and password), which can be obtained by the company after submitting the necessary details to SEBI. Similarly, investors can also upload their complaints and check the status of their complaints thereof from time to time by logging into SCORES by using their ID and password which they receive after registration with SCORES.
Final Order in the matter of Lilac Power Limited Page 3 of 4 (iv) There were 7 complaints pending against the Noticee. However, Noticee neither taken any measure to resolve the complaints nor it activated SCORES authentication, therefore, SEBI by a letter dated February 15, 2013 advised Noticee, inter alia, to resolve all pending complaints at the earliest but not letter than February 27, 2013.
Final Order in the matter of Lilac Power Limited Page 4 of 4 apply to a company whose securities are listed on a recognized stock exchange. I find that in the present case, the Noticee was delisted from the BSE from July 02, 2004 and material available on record does not indicate the Noticee was listed on any other recognized stock exchange at the time of violations alleged in the SCN, therefore, the Noticee ceased to be a listed company and consequently, requirement under 2011 Circular and 2012 Circular were not applicable to it.
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Source: SecMarx — sebi:WTM/AB/OIAE/IGRD/7129/2019-20. 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.