Miscellaneous Application No.8 of 2013 And Appeal No.20 of 2013. Case: Gujarat Filaments Limited Vs The Securities and Exchange Board of India. Securities and Exchange Board of India
| Case Number | Miscellaneous Application No.8 of 2013 And Appeal No.20 of 2013 |
| Counsel | For the Appellant: Mr. Piyush Luktuke, Advocate and For the Respondent: Mr. Mihir Mody, Advocate with Mr. Akhilesh Singh, Advocate |
| Judges | Jog Singh, Member & Presiding Officer (Offg.) and A.S. Lamba, Member |
| Issue | Securities and Exchange Board of India - Sections 29, 15T |
| Judgement Date | June 17, 2013 |
| Court | Securities and Exchange Board of India |
Order:
Jog Singh (Oral)
-
With the consent of the parties the appeal and the Miscellaneous Application have been heard and are being disposed of by this order. Miscellaneous Application No.8 of 2013 There is a delay of about 9 days in filing the appeal. Miscellaneous Application No.8 of 2013 has been moved by the learned counsel for the appellant. After hearing both the learned counsel and for the reasons stated in the Miscellaneous Application, the same is allowed. Appeal no.20 of 2013 The appellant Company has preferred this appeal under Section 29 read with Section 15T of the SEBI against the impugned order dated October 9, 2012 passed by the adjudicating officer. The company submitted that the said order has been passed in an absolutely arbitrarily, unjust and improper manner and is against the provisions, letter and spirit of SEBI Act. SEBI has identified Company as one of the companies against whom certain investor complaints were long pending for redressal. Company had not furnished the required details under the Authentication for SEBI Complaints Redress System (SCORES). By circular dated August 2, 2011 SEBI has introduced a system of processing of investors'' complaints in centralized web based complaints redress system, which is commonly known as ''SCORES''. Under this system a centralized database of all the complaints and their online movement to the concerned intermediaries is monitored. Similarly, online uphold of action taken reports by the concerned entities and its viewing by investors of the action on the complaints and their current status etc. all are displayed. SEBI initiated adjudication proceedings against the Company to inquire and adjudge the alleged violations of the provisions as mentioned under 15C and 15A(a) of the SEBI Act. SEBI has imposed a penalty of Rs.50,000/- under Section 15A(a) and a penalty of Rs.4,50,000/- under Section 15C of the SEBI Act.
-
Briefly stated the facts of the case are that in December 2011 SEBI found that five investors'' grievances were pending and not redressed for the preceding five to seven years or so from the commencement of the SCORES. Accordingly, letters dated December 22, 2011, January 21, 2012 and February 10, 2012 were issued by the SEBI to the Company to redress the said complaints. SEBI further sought certain information from the appellant by letters dated October 11, 2011, November 22, 2011 and January 16, 2012 in terms of circular dated June 3, 2011. On not receiving...
To continue reading
Request your trial