Sebi closes cases against two firms

Sebi has disposed of cases against two companies -- Pegasus Apparels and Haji ManzoorAlam Industries -- related to alleged non-compliance with online investor complaint redressal system.
These companies had not obtained SCORES authentication from Sebi within the mandated time frame.
In two separate orders, the regulator's Adjudicating Officer Suresh Gupta said that since the requirement under Section 15C of the Sebi Act remains unfulfilled, the allegations that the two firms have violated the provisions of this section "is not tenable".
Section 15C pertains to allegations that if any listed company or any person who is registered as an intermediary, after having been called upon by the Board in writing, to redress the grievances of investors, fails to redress such grievances within the time specified by the Board, such company or intermediary shall be liable to a penalty.

Besides, Gupta said these companies are "not liable for any monetary penalty.
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.

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In a separate order, the regulator has ordered Amrit Projects (N.E) and its directors to refund investor's money which it had raised by illegally by issuing securities.
A Securities and Exchange Board of India (Sebi) probe found that the company had mobilized about Rs 10.3 crore by issuing redeemable preference shares (RPS) to 5,033 persons between 2010-2013, without complying with public issue norms.

Besides barring the firm and its directors for four years, the regulator has directed the entities to refund the money along with an interest of 15 per cent per annum.