sebi:WTM/GM/EFD/57/2017-18
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Facts / Headnote
Restrained and prohibited the company and its three directors from accessing the securities market and from buying, selling or dealing in securities till the company resolves all pending investor grievances
Provisions invoked
- s. 11B
- s. 11
- s. 19
Parties
- West Coast Breweries and Distilleries Ltd
- Mr. Lal Goel
- Mr. Avi Prakash Mittal
- Mr. Virendra Kumar Singh
Holding
West Coast Breweries and Distilleries Ltd and its directors Mr. Lal Goel, Mr. Avi Prakash Mittal and Mr. Virendra Kumar Singh are restrained from accessing the securities market till the company resolves all pending investor grievances.
Full text
_____________________________________________________________________________ Order in the matter of SEBI SCORES complaint. Page 2 of 3
_____________________________________________________________________________ Order in the matter of SEBI SCORES complaint. Page 3 of 3 protection measure by SEBI has to be meticulously followed by all the listed companies. Any lapse in the basic compliance by the listed companies in this regard would defeat the purpose of such efforts adopted by the regulator under the provisions of section 11 of the SEBI Act, 1992, to advance the interest of the investors and the securities market. The noticee company and its directors are thus under an obligation to redress all investor complaints in terms of the advice/directions of SEBI. However, the noticee company and its directors have not shown any inclination to resolve the investor grievances and in spite of repeated advice of SEBI, the said investor grievances are pending till date.
3. As several companies, including the noticee, did not obtain SCORES authentication within the time period specified in the aforementioned circular, a public notice was issued by SEBI, on January 13, 2013, in Times of India, advising inter alia companies to obtain SCORES authentication within seven days from the date of the advertisement, failing which SEBI would be constrained to initiate appropriate enforcement actions. The noticee company still failed to obtain SCORES authentication. It was also observed that twenty six investor complaints were pending against the noticee company as not addressed
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Source: SecMarx — sebi:WTM/GM/EFD/57/2017-18. 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.