sebi:WTM/RKA/EFD/52/2015
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Facts / Headnote
SCNs disposed of without any direction under Section 11B
Provisions invoked
- s. 11B
Parties
- Shayona Petrochem Limited
- Lalit Bhagwandas Patel
Holding
No direction under Section 11B of the SEBI Act, 1992 was passed against Shayona Petrochem Limited and its directors. The SCNs issued to them were accordingly disposed of with an advisory to be vigilant in redressal of investor grievances.
Full text
In the matter of Shayona Petrochem Limited Page 2 of 2 of the said investor complaint and advised the company to redress the said investor complaint and to submit the Action Taken Report (ATR). Subsequently, an opportunity of hearing was granted to the company and its aforesaid directors on December 23, 2014. When Mr. Lalit Bhagwandas Patel, Chairman and Managing Director of the company appeared on behalf of the noticees and requested for the copies of the SCNs. Accordingly, copies of SCNs were provided to him. Mr. Lalit Bhagwandas Patel further requested for forty five days time to redress the pending investor grievances which was acceded to.
6. It has been observed that although no reply has been received from either the company or from its directors, it has been observed that the company has filed the ATR on SCORES for the pending investor grievance as referred in the SCNs and as on March 09, 2015 the investor grievance was disposed of. Further, SEBI has observed that there are no other complaints pending on SCORES against the company.
7. Considering the above facts and circumstances of the case, I am of the view that there is no need to pass any direction under Section 11B of the SEBI Act, 1992 against Shayona Petrochem Limited and its directors, as contemplated in the SCNs issued to them. However, they are advised to take utmost care and be vigilant in future, in respect of redressal of investor grievances. The SCNs are accordingly disposed of.
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Source: SecMarx — sebi:WTM/RKA/EFD/52/2015. 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.