Markets regulator Sebi today disposed of complaints against 11 companies in a matter related to non-compliance with its online complaint redressal system SCORES.
It was alleged that the companies did not obtain SCORES authentication from Sebi within the mandated timeframe and some also failed to address the pending investor complaints.
Sebi found that out of the 11 companies in question, eight were under liquidation. The eight companies are: Indian Maize and Chemicals, Nova Surgikos, Organic Chemoils, Radhika Spinning Mills, Viniyoga Clothex, Parikaram Technofab, Moulik Finance & Resorts and Pan Asia Global.
In eight similarly-worded separate orders, Sebi's Adjudicating Officer Vijayant Kumar Verma said the present proceedings falls under the scope of 'other legal proceedings' used in Section 446 of Companies Act, 1956.
Section 446 of the Companies Act states: "When a winding up order has been made or the official liquidator has been appointed as provisional liquidator, no suit or other legal proceeding shall be commenced... Against the company except by leave of the (Tribunal)."
In the matter of other three companies -- Alchemist Corporation, Sona Koyo Steering Systems and ACE Edutrend -- the regulator found that the entities had obtained SCORES authentication and also took steps to solve investor complaints in due time.
In three separate orders, Verma said "since the noticee (three companies) had obtained SCORES authentication and had taken necessary steps of resolving the pending investor grievance... I hold that the allegation of not resolving investor grievances, does not stand established."
SCORES is Sebi's online platform which provides a centralised database of all investor complaints. Online movement of complaints to the listed companies and upload of their Action Taken Reports are done through this system.
