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Regulatory action against Companies and their directors for non-redressal of Investor Grievances

SEBI  takes  appropriate  enforcement  actions  (adjudication,  directions  etc)  as  provided under  the  law  where  progress  in  redressal  of  investor  grievances  is  not  satisfactory. Accordingly,  directions  under  section  11B/11  (4)  (b)  of  SEBI  Act  were  passed  against  the following  companies  and  its  directors  debarring  them  from  accessing  the  securities market  and  from  buying,  selling  or  dealing  in  securities  directly  or  indirectly,  in whatsoever  manner,  till  all  the  investor’s  grievances  against  the  company  are  resolved
by  them:

Year Sl.No. Name  of  the  company Date  of  order
201213 1 Shukla  Data  Technics  Ltd 13/4/2012
2 Top  Telemedia  Limited 10/8/2012
3 International  Hometex  Ltd. 10/8/2012
4 Alpine  Industries  Ltd. 12/7/2012
201112 1 Aashi  Industries  Ltd 7/4/2011
2 AEC  Enterprises  Limited 7/4/2011
3 Dharnendra  Industries  Ltd 7/4/2011
4 Dharnendra  Overseas  Ltd 7/4/2011
5 Enkay  Texofood  Industries  Ltd 6/7/2011
6 Kaleidoscope  Films  Ltd.  (Formerly  known as  Gujarat  Incatel  Telecommunications Ltd.  &  Gujarat  Investment  Castings  Ltd.) 26/5/2011
7 Solid  Carbide  Tools  Ltd 8/4/2011
201011 1 Akar  Laminators  Ltd. 8/12/2010
2 Bhuvan  Tripura  Industries  Ltd. 8/12/2010
3 Binaca  Synthetic  Resins  Ltd 8/12/2010
4 Chicago  Software  Industries  Limited 8/12/2010
5 D  R  Softech  &  Industries  Limited  (FormerlyKnown  As  D  R  Industries  Ltd) 13/12/2010
6 Hindustan  Industrial  Chemicals  Ltd 8/12/2010
7 Ishwar  Medical  Service  Ltd 8/12/2010
8 Kanel  Oil  &  Export  Industries  Ltd 15/12/2010
9 Kolar  Information  Technologies  Ltd  (KolarBiotech  Ltd.) 15/12/2010
10 Motorol  Enterprise  Ltd 15/12/2010

In  addition  to  above,  SEBI  has  imposed  monetary  penalty  under  Section  15C  of  SEBI  Act against  the  following  companies  through  adjudication  proceedings  for  their  failure  to redress  investor  grievances:

Year Sl.No. Name  of  the  company Penalty  amount Date of the adjudication  order
April 2013  till date 1 Dhampure  Specialty  Sugars  Ltd 10,000 10/4/2013
2 Usha  (India)  Ltd 26,33,000 18/04/2013
3 Universal  Office  Automation  Ltd 10,000 29/04/2013
201213 1 Raj  Irrigation  pipes  &  fittings  Ltd 75,000 31/05/2012
2 Satguru  Agro  Industries  Ltd 2,00,000 28/06/2012
3 Simco  industries  Ltd 1,50,000 29/06/2012
4 Jord  Engineers  India  Ltd 2,00,000 28/06/2012
5 Gujarat  Aqua  Industries  Ltd 10,000 9/10/2012
6 Gujarat  Filaments  Ltd 5,00,000 9/10/2012
7 Earnest  Healthcare  Ltd 10,00,000 12/11/2012
8 Lohia  Polyesters  Ltd 5,00,000 20/11/2012
9 Kanel  Oil  &  Export  Industries  Ltd 5,00,000 6/12/2012
10 Sabero  Organics  Gujarat  Ltd Resolved allcomplaints   and   paid   Rs. 6,80,000   under    consent. (Order  dated  29/11/2012) NA
11 Roselabs  Industries  Ltd 12,00,000 10/12/2012
201112 1 Western  India  Shipyard  Ltd 2,00,000 26/07/2011
2 Pantaloon  Retail  (India)  Ltd Resolved all pending complaints   and   paid   Rs. 7,50,000   under    consent. (Order  dated  5/12/2012) 13/10/2011
3 Parsoli  Corporation  Ltd 1,00,000 31/10/2011
4 ICES  Software  Ltd 30,000 9/3/2012
5
Jay  Energy  and  S.  Energies  Ltd
45,00,000 30/03/2012
201011 1 Nexus  Software  Ltd. 10,00,000 28/07/2010
2 Kaleidoscope   Films   Ltd. (formerly known    as Gujarat    Investment Castings  Ltd) 17,00,000 (Reduced  to  Rs. 7,00,000 by  SAT) 23/03/2011
3 Motorol  Enterprise  Ltd. 25,00,000 25/03/2011

Tags: AsiaCompanyGrievanceGujaratIndiaInvestorSecurities & Exchange Board of IndiaTelemedia

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