Capital markets regulator Sebi has imposed a penalty of Rs 3 lakh on Tricom Fruit Products for its failure to resolve investors' complaint within the stipulated time.
The Securities and Exchange Board of India (Sebi) found that the company failed to resolve the grievances of two investors and did not submit an ATR (Action Taken Report) within the stipulated time, in a matter related to transfer of shares.
In a separate order, the regulator dropped charges of non-redressal of investor complaints against TPI India, saying that the allegations leveled are "without any merit and unsustainable".
Sebi said that TPI India, despite being a sick company and facing financial issues, has taken prompt steps to redress the four pending complaints received against them on SCORES.
SCORES, which was launched by Sebi in June 2011, provides a centralised database of all complaints, online movement of complaints to the concerned listed companies and online upload of Action Taken Reports by the concerned companies.
As per Sebi norms, all listed companies are required to get SCORES authentication, failing which they would have to face enforcement action.
