Sebi disposes cases against 5 cos in investor grievances matter
In five separate orders, the Securities and Exchange Board of India (Sebi) has disposed of cases against Maruti Telstar Industries, Pix Transmissions, Mehta Caplease, MTZ Industries and Mafatlal Dyes & Chemicals.
The regulator has dismissed cases against Maruti Telstar Industries and Mehta Caplease as the two companies have obtained registration with Sebi’s online investor redressal system, SCORES, and resolved customer complaints.
According to Sebi, Pix Transmissions has obtained SCORES authentication but failed to redress one investor grievance. However, the company said it will make every effort “to resolve the complaint and the same would be resolved at the earliest.”
Sebi has advised Maruti Telstar Industries, Mehta Caplease and Pix Transmissions “to take utmost care and be vigilant in future, in respect of redressal of investor grievances.”
Also, the market watchdog has disposed of matter against MTZ Industries and Mafatlal Dyes & Chemicals saying these firms are under liquidation and official liquidator has been appointed for them.
According to Companies Act, when a winding up order has been made or the official liquidator has been appointed as provisional liquidator, no suit or other legal proceeding shall be commenced…against the company except by leave of the (Tribunal).
“…present proceedings falls under the scope of the phrase ‘other legal proceedings’ used in the section 446 (of Companies Act). Further I note that there is no material on record to suggest that leave of the court has been taken before starting the present proceedings,” Sebi Whole Time Member Rajeev Kumar Agarwal said in yesterday’s order.
Sebi further said that present proceedings initiated against these two firms are ‘infructuous’ and against the mandate of the Companies Act.
In 2012, it had directed all listed companies to get SCORES authentication by September 14, failing which they would have to face enforcement action.
SCORES, launched by Sebi in June 2011 provides a centralised database of all complaints, online movement of complaints to the concerned listed companies, online upload of Action Taken Reports (ATRs) by the concerned companies.
It also helps investors view, track and follow up the actions taken on their grievance.
The online redressal system has significantly helped reduce the processing time of complaints.