Sebi closes SCORES case against 11 companies

Markets regulators Sebi has disposed of complaints against 11 companies in a matter related to alleged non-compliance with the regulators' online complaint redressal system, SCORES.
The companies are Thapar Milk Product, Sureka Coated Tubes And Sheets, Trend East West LPG Bottling, Trimurtee Fertilizers, Star Electronics, Universal Tyres, Usha Rectifier Corporation, Vishal Lakto India, Sitapur Plywood Manufacturers, Metal Box India and Sukhchain Cements.
It was alleged that the firms did not obtain mandatory SCORES authentication from Sebi within the prescribed time and some also failed to redress complaints pending against them.
In nine similarly worded orders, Sebi's Adjudicating Officer Vijayant Kumar Verma said that the requirements under Section 15C of the Sebi Act were not fulfilled.

The Section 15C pertains to allegations that if any listed firm after having been called upon by Sebi to redress the grievances of investors, fails to do so within the specified time, such company shall be liable to a fine.
In the matter of Thapar Milk Product, Verma disposed of the complaint as the company was under liquidation which falls under the scope of 'other legal proceedings' used in Section 446 of Companies Act.

For Metal Box India, Verma dismissed the case after finding that the company had obtained SCORES registration and had resolved the pending investor grievance.
Launched in June 2011, SCORES provides a centralised database of all investor complaints. Online movement of complaints to the listed companies concerned and upload of their Action Taken Reports are done through this system.

It also helps investors view, track and follow up the action taken on their grievances. The online redressal system has significantly helped in reducing the processing time of complaints.