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SCORES in terms of the Circular and advising the Noticee to send the
information (i.e. details for authentication) as required in the Circular, at
the earliest.
3. As observed from the contents of the Circular, SCORES introduced
electronic dealing of the complaints of the investors, by the respective
companies. Thus, once a complaint against a company was uploaded by
SEBI in the SCORES, it amounted to calling upon by SEBI to such company
to redress the investor grievance. Accordingly, it was incumbent upon
such company to redress the investor complaint. It was observed that
seven investor complaints were pending against the Noticee as on August
27, 2012. However, it was alleged that the Noticee failed to redress
pending investor grievances and also failed to obtain SCORES
authentication in spite of being called upon by SEBI to do so thereby
violating the provisions of Section 15C of the SEBI Act, 1992.
4. Shri Praveen Trivedi was appointed as the Adjudicating Officer to inquire
and adjudge under Section 15C of the SEBI Act, 1992, the alleged
violations committed by the Noticee. Pursuant to the transfer of Shri
Praveen Trivedi, the undersigned was appointed as Adjudicating Officer
vide Order dated December 18, 2013.
SHOW CAUSE NOTICE, HEARING & REPLY
5. Show Cause Notice (SCN) in terms of the provisions of Rule 4(1) of SEBI
(Procedure for Holding Inquiry and Imposing Penalties by Adjudicating
Officer) Rules, 1995 (Adjudication Rules) was issued to the Noticee on
September 12, 2013, calling upon the Noticee to show cause why an
inquiry 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. However, the Noticee did not submit any reply to the
SCN. Subsequent to the appointment of the undersigned, vide Notice
dated December 09, 2014 the Noticee was given an opportunity of
personal hearing on January 06, 2015 and a copy of the SCN was also
enclosed with the Notice dated December 09, 2014. The said Notice dated
December 09, 2014 was forwarded to the Noticee through the Northern
Regional Office (NRO) of SEBI and the same was duly served on the
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their complaints and track the status of redressal of such complaints from
anywhere. However, listed companies like the Noticee which do not
obtain SCORES authentication and do not resolve investor grievances
despite SEBI Circulars frustrate the entire process. It is of utmost
importance that every listed company assigns high priority to investor
grievances and takes all necessary steps to redress the grievances of
investors at the earliest, which the Noticee has failed to do. Hence, the
omission on part of the Noticee is detrimental to the interest of investors
in securities market.
18. In view of the aforesaid paragraphs, it is now established that the Noticee
failed to resolve investor grievance and therefore I find that imposing a
penalty of ` 3,00,000/- (Rupees Three Lakhs only) on the Noticee would
be commensurate with the violation committed.
ORDER
19. Considering the facts and circumstances of the case, in terms of the
provisions of SEBI Act, 1992 and Rule 5(1) of the Adjudication Rules, I
hereby impose a penalty of ` 3,00,000/- (Rupees Three Lakhs only)
under Section 15C of the SEBI Act, 1992, on Intercraft Limited.
20. The penalty shall be paid by way of demand draft drawn in favour of
SEBI Penalties Remittable to Government of India payable at Mumbai
within 45 days of receipt of this Order. The said demand draft shall be
forwarded to the Regional Director, Northern Regional Office, Securities
and Exchange Board of India, 5th Floor, Bank of Baroda Building, 16,
Sansad Marg, New Delhi 110001.
21. In terms of the provisions of Rule 6 of the SEBI (Procedure for Holding
Inquiry and Imposing Penalties by Adjudicating Officer) Rules 1995,
copies of this Order are being sent to the Noticee and also to Securities
and Exchange Board of India.
Jayanta Jash
Adjudicating Officer