sebi:WTM/GM/EFD-1/DRA-II/82/2020-21
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Facts / Headnote
Proceedings disposed of without any directions; Noticee warned to exercise due care and caution
Provisions invoked
- s. 11B
- s. 2(60)
- s. 84
Regulations
- Reg. 2(g)
- Reg. 9A
- Reg. 53A
- Reg. 7
- Reg. 9A(b)
Parties
- Eicher Motors Ltd.
Holding
SEBI found Eicher Motors Ltd. in violation of SEBI Circular dated September 27, 2001, Clause 3(e) of the Listing Agreement, and Clause 23 of General Norms for Processing of Documents under RTI Circular no. 1 (2000-2001), but disposed of the proceedings without directions because the complainant withdrew his complaint, while warning the Noticee to exercise due care and caution in future.
Full text
___________________________________________________________________________ Order in the matter of complaint of Manoj D. Shah against Eicher Motors Ltd. Page 1 of 21 WTM/GM/EFD-1/DRA-II/82/2020-21
___________________________________________________________________________ Order in the matter of complaint of Manoj D. Shah against Eicher Motors Ltd. Page 2 of 21
___________________________________________________________________________ Order in the matter of complaint of Manoj D. Shah against Eicher Motors Ltd. Page 3 of 21 (c) Duplicate Share Certificate request was approved by Eicher Motors Ltd. in the meeting of Shares Committee on October 27, 2007. Eicher and MCS submitted that while issuing duplicate share certificate, the name of the shareholder, address, FIR, notarization etc. were relied upon in good faith. Further, Mr. Manhar Kapoor, the Chief Compliance Officer of the Noticee, vide his statement recorded on 28.09.2015 had admitted that there was an error in not comparing the father’s name. (d) Clause 23 of General Norms for Processing of Documents as prescribed under RTI Circular no. 1 (2000-2001) dated May 09, 2001, requires “issue of advertisement in widely circulated newspaper when value of shares is greater than ₹10,000". However, in this case, Eicher has admitted that no notice was published in any newspaper informing general public about loss of original share certificate, even though the value of shares exceeded Rs.10.000. (e) Further, as per Circular no. SMDRP/POLICY/CIR-46/2001 dated September 27, 2001 (incorporated in Master Circular CIR/MRD/DP/9/2015 dated May 26, 2015), where the investor has complained about issuing of duplicate share certificate(s) by the company on the basis of allegedly forged /stolen documents furnished by a third party, the company shall verify and satisfy itself of the claim of the inves
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Source: SecMarx — sebi:WTM/GM/EFD-1/DRA-II/82/2020-21. 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.