sebi:WTM/KMA/OIAE/339/12/2010
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Facts / Headnote
Restrained the company and its directors from accessing the securities market and from buying, selling or otherwise dealing in securities, directly or indirectly, till all pending investor grievances are resolved and confirmed by SEBI.
Provisions invoked
- s. 11B
- s. 19
Parties
- Kanel Oil & Export Industries Limited
- Mr. Thakkar K. Dhiren
- Mr. Khese S. Umesh
- Mr. Thakkar K. Hitesh Bhai
Holding
SEBI restrained Kanel Oil & Export Industries Limited and its directors Mr. Thakkar K. Dhiren, Mr. Khese S. Umesh and Mr. Thakkar K. Hitesh Bhai from accessing the securities market and dealing in securities until all pending investor grievances are resolved and confirmed by SEBI.
Full text
Page 2 of 4 November 24, 2008 advising it to resolve the pending complaints and to submit the status report within seven days. It was also mentioned in the said letter that in case of failure, SEBI would initiate such actions as deemed appropriate. Thereafter, the Company was again advised by SEBI, vide letter dated December 22, 2008 to resolve the investor grievances. Despite acknowledging the said letter, the Company had not only failed to redress the grievances but also failed to respond to the letters of SEBI. Thereafter, a public notice was also given on January 23, 2009 in the website of SEBI (www.sebi.gov.in) advising the Company to resolve the pending investor grievances and to submit the Action Taken Report. Despite such letters and public notice, SEBI had not received any response from the Company.
Page 3 of 4 Further, a paper publication was also made by SEBI on June 13, 2010, in respect of the aforesaid show cause notice and hearing in various newspapers having nationwide and statewide circulation including ‘Sandesh’ (Rajkot Edition) and ‘Gujarat Samachar’ (Vadodara Edition). Despite taking all possible measures, neither the Company nor its directors attended the said hearing on August 5, 2010.
Page 4 of 4 proceedings under Section 11B of the SEBI Act against the Company and its directors for non-redressal of investor grievances and vide an Order dated October 10, 2003 debarred them from the securities market for a period of five years from . Taking into account, the lapses of the Company in not redressing the investor grievances, I find it appropriate to issue necessary direction against the Company and its aforesaid directors who are in charge and responsible for the affairs of the Company for their failure to redress the grievances of the investors.
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Source: SecMarx — sebi:WTM/KMA/OIAE/339/12/2010. 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.