sebi:WTM/RKA/OIAE/19/2014
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Restrained and prohibited M/s Tria Fine Chem Limited from accessing the securities market and from buying, selling or dealing in securities, directly or indirectly, till all investors' grievances are resolved and it obtains SCORES authentication.
Provisions invoked
- s. 11
- s. 19
Parties
- M/s Tria Fine Chem Limited
Holding
M/s Tria Fine Chem Limited is restrained 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
Order in respect of M/s Tria Fine Chem Limited Page 2 of 3 5. On January 06, 2014, the SCN was once again 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 SCN was served by way of affixture at the registered office premises of the company on January 29, 2014.
Order in respect of M/s Tria Fine Chem Limited Page 3 of 3 Non receipt of refund in Public/Rights issue 1 Total 6 9. I note that the investors' complaints are pending unresolved since the year 1998. The complaints pertain to non-receipt of dividend, non-receipt of share certificates after transfer, non-receipt of shares in Public/ Rights issue (including allotment letter) and non-receipt of refund in Public/Rights issue. In addition to the obligations under the provisions of Companies Act, 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. An opportunity of personal hearing was accorded to the company on March 18, 2014. The notice dated February 28, 2014 to that effect was issued to the company. The notice returned undelivered from the registered office of the company with remark 'left'. Therefore, the notice of personal hearing was duly served on the company by way of affixture on the registered office address premises on March 6, 2014. However the company chose not to appear for the personal hearing on the scheduled date.
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Source: SecMarx — sebi:WTM/RKA/OIAE/19/2014. 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.