sebi:WTM/RKA/OIAE/27/2012
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Facts / Headnote
Restrained and prohibited the Company and its three directors from accessing the securities market and from buying, selling or dealing in securities, directly or indirectly, till all pending investor grievances are resolved.
Provisions invoked
- s. 19
- s. 113
- s. 207
- s. 117C
Parties
- International Hometex Limited
- Mr. Vineet Kumar Agarwal (PAN : AACPA4970F)
- Mr. Vinod Kumar Agarwal (PAN : AACPA4705C)
- Mr. Vishwinder Nath Gupta (PAN : AAZPG5584G)
Holding
SEBI restrained International Hometex Limited and its directors from accessing the securities market and from buying, selling or dealing in securities until all pending investor grievances against the Company are resolved.
Full text
Page 2 of 4 5. In the hearing held on March 06, 2012, the Company represented by its Chairman and Managing Director, Mr. Vineet Agrawal, filed the Company's reply to the SCN and inter alia submitted as follows: a. The Company did not receive the SEBI letter dated April 21, 2011 as its office was shifted. Though they left the new address at the Society's office as well as with the post office, none of them had redirected the letter of SEBI to the Company. b. Its Registrar and Transfer Agent (RTA), Intime Spectrum Registry Limited had stopped handling the Company's registry and share transfer work from the second quarter of 2009 owing to delay in payment of their bills by the Company. The Company is now in the touch with them to settle their dues and proposes to hand over the said work to a new agent. c. The Company had gone into liquidation on August 26, 2010 and thus was not able to handle any of its proceedings. The Company has taken efforts to get itself out of liquidation and has settled its dues, under the consent terms, with the creditor in the winding up petition and is awaiting Court's Orders. d. The Company has also taken steps to come out of the suspended list of companies and would adhere to all the compliance requirements and one of which is addressing the investors' grievances. e. The Company has taken steps for registering in SEBI Complaints Redress System (SCORES). It is committed to get the trading suspension revoked and to safeguard the interest of small inves
Page 3 of 4 4. SEBIP/MH04/9114908/10 Non-receipt of Dividend 23-04-2004 5. SEBIP/MH05/9107432/10 Non-receipt of shares after Conversion / endorsement / consolidation / splitting 07-10-2005
Page 4 of 4 pay dividend to a shareholder who is entitled to the same, within thirty days of declaration of the dividend. If the same is not done, the directors of the company are liable for punishment (simple imprisonment and fine, as prescribed therein). Further, the company is also liable for payment of simple interest at the rate of 18% per annum during the period for which such default continues. Under section 117C, a company is duty bound to pay interest and redeem debentures in accordance with the terms and conditions of the issue. Non-compliances of these obligations are offences and thus, it is mandatory for the Company to redress the grievances/complaints in those respect within the timelines stipulated under the Companies Act. In addition to the requirements under the Companies Act, the Company was under obligation to redress all investors' complaints in terms of the advice/direction of SEBI, in view of the provisions of sections 11 and 15C of the SEBI Act. However, the Company has failed to redress the investors' complaints despite repeated advices of SEBI.
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Source: SecMarx — sebi:WTM/RKA/OIAE/27/2012. 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.