Market regulator Sebi has dropped charges of non-redressal of investor complaint against Monnet Industries saying allegation 'could not be established'.
It was alleged that Monnet Industries had failed to obtain authentication of SCORES -- Sebi's online complaint redressal system -- as advised by the regulator and thereby failed to redress the pending investor grievance against it in the SCORES within the time specified.
"... Noticee had obtained the SCORES authentication on April 29, 2013 (Monnet Industries) and the said complaint had been redressed by the noticee in April 2006...," Securities and Exchange Board of India (Sebi) said in an order dated May 28.
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Further, the complaint status of Monnet Industries in SCORES website shows that as on May, 8 2013, the company had resolved one complaint and total pending complaint was nil.
"... The complaint pending against the noticee in the SCORES had been redressed by the noticee even before the obtaining of the SCORES authentication by it" and before the issuance of Sebi's circular in August 2012 where it advised all listed companies to obtain SCORES authentication by September 14, 2012.
Hence, the allegation against the company could not be established and Sebi disposed off the case against Monnet Industries.
In a separate order, Sebi slapped a fine of Rs 1 lakh on Kabra Drugs Ltd's promoter Ayush Kabra for allegedlyfailing to disclose the change in shareholding to the stock exchange.
"I find that the allegation of failure to make disclosure to BSE stands established," Sebi Adjudicating Officer D Sura Reddy said in today's order.
Consequently, the regulator has imposed "a penalty of Rs one lakh on the noticee viz Ayush Kabra.
