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dated June 03, 2011 dealing with the processing of investor complaints
required to view the complaints pending against them, redress them and
password, listed companies which were yet to obtain SCORES user id and
password, were required to submit the details for authentication to SEBI,
in the format annexed to the said Circular. However, it was observed that
Shivam Autotech Limited (Noticee) did not submit the details to SEBI
which were required to be furnished in terms of the said Circular.
2. In order to further remind the Noticee about the compliance with the
requirements as laid down in the SEBI Circular dated June 03, 2011, a
letter was sent to the Noticee on November 22, 2011 followed by two
letters dated January 11, 2012 and January 18, 2012 were sent to the
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and adjudge under Section 15C of the SEBI Act, 1992, the alleged
should not be held against it under Rule 4(3) of the Adjudication Rules
read with Section 15I of the SEBI Act, 1992 for the alleged violations.
6. The aforesaid SCN was duly delivered to the Noticee through the
Department of Post. Vide letter dated October 29, 2013 the Noticee
submitted its reply to the SCN and inter alia made the following
submissions:
We humbly submit that we have not received any letter from SEBI as mentioned in
Para 4 and Para 5 of your letter. On the basis of email received from NSE and BSE
for SCORES Authentication on 30-08-12 and 06-09-12 respectively, we have
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implemented the SCORES and submitted the SCORES Authentication for obtaining
login and password on 07-09-12.
Since then we have been actively and timely addressing to the complaints of
investors. It may please viewed on the portal that we have taken immediate
steps/actions to resolve the investors complaints.
Further, as mentioned in your letter at Para 6, both the investors complaints have
been resolved as on date. We have addressed the complaints and the details of
current status are as mentioned below:
S.
No.
Registration No.
Name
of
Complainant
1.
SEBIP/DH11/00
00953/1
BISHNU PA DA
DEB
2.
SEBIP/DH11/91
03839/1
RAJNISH ASIJA
Action
Initiated
on
19-Dec-12
Nature of
Complaint
Current Status
Nonreceipt of
Dividend
19-Dec-12
Nonreceipt of
shares
after
Transfer
In view of the above, we would like to state that the Company has complied with
the implementation of SCORES and has addressed each complaint of the investor
immediately.
duly delivered to the Noticee on February 25, 2015 through the Northern
Regional Office (NRO) of SEBI. Vide letter dated February 26, 2015 the
Noticee, inter alia, requested for time for personal hearing in the month of
B. Whether the Noticee is liable for monetary penalty under Section 15C
of the SEBI Act, 1992?
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FINDINGS
January 18, 2012 the Noticee was informed about the commencement of
SCORES and the Noticee was advised to send the details for
authentication as required in the Circular. In this regard, the Noticee vide
its letter dated October 29, 2013 has submitted that it had submitted
on July 29, 2013. Subsequently, SEBI has confirmed that the Noticee had
11. Since the Noticee had obtained SCORES authentication and had taken
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Noticee is not liable for monetary penalty under Section 15C of the SEBI
Act, 1992.
ORDER
15. In view of my findings noted in the preceding paragraphs, I hereby
dispose of the Adjudication Proceedings initiated against the Noticee vide
Show Cause Notice dated October 01, 2013.
16. In terms of the provisions of Rule 6 of the SEBI (Procedure for Holding
Jayanta Jash
Adjudicating Officer
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