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TMI Blog2013 (10) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... R : Jog Singh The appellant is a public limited company incorporated under the Companies Act, 1956. From 1992 onwards it was carrying on the business of commercial trading and distribution mainly in castor oil. Somehow, it became a sick industrial unit in 2003. The trading of shares which were listed on various exchanges like Bombay Stock Exchange, Ahmedabad Stock Exchange, Calcutta Stock Exchang ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6th February, 2010 under Rule 4(1) of the Adjudication Rules as to why an enquiry should not be conducted against the company and penalty should not be imposed under sections 15C and 15A(a) of the Securities and Exchange Board of India Act, 1992 (SEBI Act). The reply was, however, filed by the appellant on 9th June, 2011. Personal hearing was also afforded to the appellant. After affording reasona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that out of 64, complaints 32 pertain to dividend which was about Rs. 3,800/-. Similarly, there were other minor grievances of the remaining investors. It is submitted on behalf of the appellant that due to acute shortage of staff and infrastructure, the grievances could not be redressed in time as required by SEBI in its notices. However, despite the difficulties faced by the appellant company, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ge its duties and obligations imposed on it by the Parliament in the SEBI Act, 1992. Section 11 of the SEBI Act categorically says that one of the most important objects of SEBI is to protect the interest of investors and would, undoubtedly include timely redressal of grievances of investors. There can be no dispute with this proposition of law. However, in the present case we note that the compan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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