sebi:WTM/KMA/OIAE/327/12/2010
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Facts / Headnote
Company and seven directors restrained from accessing the securities market and dealing in securities till pending investor grievances are resolved; show cause notice against Mr. Ravindra J Ranade disposed of without directions.
Parties
- Neon Resins & Industries Limited (formerly known as Binaca Synthetic Resins Limited)
- Mr. Shekar Jain
- Ms. Rashmi Oza
- Mr. Harish Agarwal
- Mr. Sanjay Jain
- Mr. Sandeep Mittal
- Dr. V.S. Rathore
- Mr. G P Sureka
- Mr. Ravindra J Ranade
Holding
SEBI restrained Neon Resins & Industries Limited and seven of its directors from accessing the securities market and dealing in securities until all pending investor grievances are resolved and confirmed by SEBI. The show cause notice issued to Mr. Ravindra J Ranade was disposed of without directions as he had resigned in 1998.
Full text
Page 2 of 4 3. In view of the above, a show cause notice dated November 6, 2009 was sent to the Company by SEBI under Sections 11(4)(b) and 11B of the SEBI Act, requiring it to show cause as to why it should not be restrained from accessing the securities market and prohibit it from dealing in securities till such time the pending investor grievances against the Company are resolved. Similar notices dated November 16, 2009 were also sent to the directors, Mr. Shekar Jain, Ms. Rashmi Oza, Mr. Ravindra J Ranade, Mr. Harish Agarwal, Mr. Sanjay Jain, Mr. Sandeep Mittal, Dr. V.S. Rathore and Mr. G P Sureka. Subsequently, Mr. Ravindra J Ranade, vide letter dated nil (received by SEBI on December 4, 2009), inter alia, submitted that he had resigned from the Company and is no longer responsible for the affairs of the Company. He enclosed a copy of his resignation letter dated November 11, 1998 and Form-32 filed by the Company with the Registrar of Companies, in support of his submissions.
Page 3 of 4 ‘Sandesh’ (Rajkot Edition) and ‘Gujarat Samachar’ (Vadodara Edition). Despite taking all possible measures, neither the Company nor the aforesaid directors attended the said hearing scheduled on August 5, 2010.
Page 4 of 4 and its directors, Mr. Shekar Jain, Ms. Rashmi Oza, Mr. Harish Agarwal, Mr. Sanjay Jain, Mr. Sandeep Mittal, Dr. V.S. Rathore and Mr. G P Sureka from accessing the securities market and prohibit them from buying, selling or otherwise dealing in securities, directly or indirectly, till all the pending investor grievances against the said company are resolved and the same is reported to and confirmed by the Securities and Exchange Board of India.
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Source: SecMarx — sebi:WTM/KMA/OIAE/327/12/2010. 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.