Sebi revokes ban on Shukla Data Technics' ex-director

Market regulator had in April restrained the company and its directors including Talati from the capital markets

Market regulator Sebi today revoked its directions that restrained Shukla Data Technics former director, Harshad Talati, from the capital markets, in case a related to failure by the firm to resolve investor complaints.

 Securities and Exchange Board of India (Sebi) had in April, 2012, restrained Shukla Data Technics and its directors including Talati from the capital markets till all the pending investor grievances against the company were resolved and the same reported and confirmed by the market regulator.

 However, last month, Talati communicated to Sebi that he had resigned from the company way back in June, 1996. He had also submitted certain documents such as 'copy of the resignation letter accepted by the chairman of the company' verifying this claim.

Taking into account submissions by Talati, Sebi in an order today said: "...Hereby revoke the directions issued against the Ex-Director Harshad Talati of Shukla Data Technics Ltd...Vide Order dated April 13, 2012".

Sebi had observed that as many as 38 investor complaints were pending unresolved against Shukla Data Technics as on March 2011.

The investor complaints were forwarded to the company for redressal and periodical reminders were also sent by Sebi.

Despite such follow up by the market regulator, the complaints had remained unresolved by the company.