SEBI tells 14 firms to address pending complaints

PTI Mumbai | Updated on July 20, 2011

SEBI today directed 14 companies to act on pending investor complaints within 15 days, failing which a penalty of up to Rs 1 crore will be imposed on each of them.

In two separate statements, it said it had received the complaints and sent them to the companies concerned, advising them to resolve the grievances and submit status reports within 30 days.

“These companies have not responded to SEBI's letter to resolve the complaints and some of the letters were returned undelivered,

“As per Section 15C of the SEBI Act, such companies shall be liable to a penalty of Rs 1 lakh for each day during which such failure continues or Rs 1 crore, whichever is less,” said the Securities and Exchange Board of India (SEBI).

The 14 firms are Hi-Tech Drugs, Dupont Sportswear, Jord Engineers India, Shukla Data Technics, Simco Industries, International Hometex, DSJ Communications, Raj Irrigation Pipes & Fittings, Top Telemedia, Ramgopal Polytex, Satguru Agro Industries, Indo Biotech Foods, Indo Biotech Herbal Remedies and Alpine Industries.

The first 11 of these firms have been warned of the monetary penalty, while remaining three have been told that action against them and their direcsors would be taken according to the relevant laws.

Published on July 20, 2011

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