sebi:WTM/RKA/EFD/35/2016
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Facts / Headnote
Restrained and prohibited Minhas Steels Limited from accessing the securities market and from buying, selling or dealing in securities, directly or indirectly, in whatsoever manner, till it obtains SCORES authentication and resolves all pending investor grievances.
Provisions invoked
- s. 11B
- s. 11
- s. 19
Parties
- Minhas Steels Limited
Holding
Minhas Steels Limited is restrained and prohibited from accessing the securities market and from buying, selling or dealing in securities, directly or indirectly, in whatsoever manner, until it obtains SCORES authentication in terms of the SEBI circular dated August 13, 2012 and resolves all pending investor grievances.
Full text
____________________________________________________________________________________ In the matter of Minhas Steels Limited Page 2 of 2
facts and circumstances, I deem it appropriate to decide the matter on the basis of material available on record. 5. I note that the company has not obtained SCORES authentication, as required under SEBI circular dated August 13, 2012, till date. I further note from the SCN that there were five investor complaints pending against the company for redressal.
6. I note that the investor complaints are pending unresolved since the year 2000. In addition to the obligations under the provisions of Companies Act, the company is also under an obligation to redress all investor complaints in terms of the advice/directions of SEBI, in view of the provisions of section 11 of the SEBI Act. However, the company has not shown any tenacity in resolving the investor grievances and in spite of repeated advice of SEBI, the said investor grievances are pending till date.
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Source: SecMarx — sebi:WTM/RKA/EFD/35/2016. 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.