sebi:WTM/RKA/OIAE/112/2014
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Facts / Headnote
Restrained and prohibited M/s Sparkle Foods Ltd. from accessing the securities market and from buying, selling or dealing in securities, directly or indirectly, in whatsoever manner, till all the investors' grievances against it are resolved and it obtains SCORES authentication.
Provisions invoked
- s. 11
- s. 19
Parties
- M/s Sparkle Foods Ltd.
Holding
M/s Sparkle Foods Ltd. is restrained and prohibited from accessing the securities market and from buying, selling or dealing in securities, directly or indirectly, in whatsoever manner, till all the investors' grievances against it are resolved and it obtains SCORES authentication in terms of the SEBI circular dated August 13, 2012.
Full text
In respect of M/s Sparkle Foods Ltd. Page 2 of 3 5. Sparkle did not submit reply to the SCN. Therefore, on January 03, 2014, a reminder letter enclosing a copy of the SCN was sent to the company by Registered Post Acknowledgement Due on the registered office address of the company, which returned undelivered with remarks ‘left'. Thereafter, the reminder letter enclosing the SCN was served by way of affixture at the registered office address and the alternate address of the company on January 30, 2014 and February 1, 2014, respectively.
In respect of M/s Sparkle Foods Ltd. Page 3 of 3 10. I note that investors' complaints are pending unresolved since the year 2009. The complaints pertain to non-receipt of share certificates after transfer. In addition to the obligations under the provisions of Companies Act 1956, the company is also under an obligation to redress all investors' 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 investors’ grievances and in spite of repeated advices of SEBI, the said investors' grievances are still pending, till date.
6. It was observed from the website of Ministry of Corporate Affairs that there is no change in the registered office address of the company and the company is shown to be existing on its aforementioned registered office. However, the company has defaulted in filing Form DIN3/ Form 32 with Registrar of Companies (RoC) and the correspondences sent upon the said registered office address and the company's alternate address are not being delivered.
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Source: SecMarx — sebi:WTM/RKA/OIAE/112/2014. 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.