Sebi imposes Rs 4 lakh fine on Sinclairs Hotels

Markets regulator Sebi has imposed a penalty of Rs 4 lakh on Sinclairs Hotels for failing to redress an investor complaint within the prescribed time frame.
The grievance pertained to non-receipt by the complainant of new share certificates, incorporating fresh name of the company, in place of old scrips.
The complaint was filed by one Sabyasachi Dasgupta in Sebi Complaints Redressal System (SCORES) on November 13, 2014 and it was forwarded to Sinclairs Hotels on the same date for redressal.
"The noticee (Sinclairs Hotels) has failed to submit ATR (action taken report) within 30 days of date of receipt of the complaint and also failed to resolve the complaint," Sebi said in an order dated October 26.

In December 2014, the regulator had issued a circular directing all the listed companies to take immediate efforts on receipt of a complaint, for its resolution within thirty days, and update the ATR electronically in SCORES.
As per Sebi, failure by listed companies to file ATR under SCORES within 30 days of receipt of the grievance should not only be treated as failure to furnish information to Sebi but also be deemed to constitute non-redressal of investor grievance.