sebi:WTM/RKA/OIAE/51/2012
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Facts / Headnote
Show cause notices disposed of without issuing any directions
Provisions invoked
- s. 11B
Parties
- ICES Software Industries Ltd
- Mr. Sachin Pawar
- Mr. Divyanshu Vaishnav
- Mr. Dahagama Sharma
Holding
The Adjudicating Officer disposed of the show cause notices against ICES Software Industries Ltd and its directors without issuing any directions, as all 57 pending investor complaints had been redressed by October 10, 2012.
Full text
Page 2 of 4 the ATR. 4. By the letter dated September 25, 2008 and subsequent reminder letters SEBI had advised the Company about consequences of failure to redress investors' grievances by it. It was prima facie observed that the Company has failed to redress investors 'grievances despite receipt of repeated instructions from SEBI. SEBI, therefore, issued a show cause notice (SCN) dated November 6, 2009 calling upon the Company to show cause as to why it should not be restrained from accessing the securities market and be prohibited from dealing in securities under section 11B and 11(4)(b) of the SEBI Act till all pending investor grievances are resolved. Similar SCNs dated November 10, 2009 were issued to the directors of the Company namely, Mr. Sachin Pawar, Mr. Divyanshu Vaishnav, Ms. Minaxi Vaishnav, and Mr. Dahagama Sharma also.
Page 3 of 4 Financial Services Limited, a Registered Category I Merchant Banker........" 8. The other two directors did not respond to SCN. Neither the Company nor the noticee directors appeared for personal hearing on August 5, 2010. After seeking adjournments of the personal hearing scheduled on various occasions, the Company appeared for the personal hearing on January 19, 2011 when it was given three months time for redressal of all pending investors' grievances. Next date of personal hearing in the matter was fixed on May 4, 2011 and the same was communicated to the Company and the noticee directors. However, the Company sought adjournment on the ground that its Compliance Officer had met with an accident and was advised to take bed-rest till June 15, 2011.
Page 4 of 4 more than 5 years old ranging from 1997 to 2006. Further, in the past 5 years, the Company has sent 3 reminders to those complainants requesting them to submit complete details of their complaints to enable the Company to resolve the same. (b) While enclosing a specimen copy of letter in that respect and copies of postal receipts of dispatch of the letters to 25 complainants the Company submitted that it had sent letters to all those 25 complainants through Registered Post/ AIR Registered Letter asking for further details. In the event of receipt of such details, it would resolve the complaints accordingly. It would issue another reminder for the rest of complainants who have not responded. (c) In the mean time, it is in process of resolving rest of the complaints.
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Source: SecMarx — sebi:WTM/RKA/OIAE/51/2012. 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.