sebi:WTM/KMA/OIAE/329/12/2010
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Facts / Headnote
Restrained Indo American Optics Limited and directors Mr. Yashwantrai Dhirubhai Desai and Mrs. Beena Amit Shah from accessing the securities market; show cause notice against Mr. Amit Naginbhai Shah disposed of without directions.
Provisions invoked
- s. 19
Parties
- Indo American Optics Limited
- Mr. Yashwantrai Dhirubhai Desai
- Mrs. Beena Amit Shah
- Mr. Amit Naginbhai Shah
Holding
Indo American Optics Limited and its directors Mr. Yashwantrai Dhirubhai Desai and Mrs. Beena Amit Shah are restrained from accessing the securities market and prohibited from dealing in securities until all pending investor grievances are resolved and confirmed by SEBI. The show cause notice against Mr. Amit Naginbhai Shah was disposed of without directions as he had resigned from the board before the relevant date.
Full text
Page 2 of 4 advising it to resolve the complaints and submit the status report within seven days. It was also mentioned in the said letter that in case of failure, SEBI would initiate such action as deemed appropriate. A similar letter was also sent to Mr. Amit Naginbhai Shah, the chairman/director of the Company. Though, the said letters were acknowledged, SEBI had not received any response either from the Company or from the aforesaid director. A public notice dated March 23, 2009 was also given on the website of SEBI (www.sebi.gov.in) advising the Company to resolve all the pending investor grievances and to submit the Action Taken Report. Despite taking all necessary steps, the Company neither redressed the investor complaints nor submitted the Action Taken Report to SEBI.
Page 3 of 4 more in the board of directors of the Company and enclosed a ‘search report’. The said report, prepared by M/s. Rohit Bajpai & Associates, Company Secretaries, mentioned that the same was made on the basis of a search conducted of the records of the Company maintained by the office of Registrar of Companies, Gujarat, on May 21, 2010. The said report enclosed as an annexure to the said letter, provided the date of appointment and resignation of the directors of the Company. According to the said annexure, Mr. Amit Naginbhai Shah had resigned on January 21, 2003. It was also stated therein that the details provided in the report are based on Form 32 and Annual Return filed by the Company. Despite taking all possible measures, neither the Company nor the aforesaid directors attended the hearing on August 5, 2010.
Page 4 of 4 Beena Amit Shah are liable for the inaction of the Company in not redressing the pending investor grievances. In such circumstances, it would be against the interest of the investors to permit such Company and its directors who are in- charge to access or deal in the securities market. Necessary directions have to be issued against them for their failure to redress the grievances of the investors.
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Source: SecMarx — sebi:WTM/KMA/OIAE/329/12/2010. 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.