Sebi settles Sabero Organics case on not resolving complaints
- AAP-BJP clashes: FIR against Ashutosh, Shazia Ilmi for rioting
- SC adjourns Centreâs plea restraining TN from releasing Rajiv killers till March 26
- âMamata is hiring honesty from Maharashtra through Annaâ
- Mumbai dailies laud Kamat, he denies he paid for the ânewsâ
- Congress bends, âopen to TRS allianceâ
Market regulator Sebi today settled the case against Sabero Organics Gujarat Ltd after the firm made a payment of Rs 6.80 lakh for allegedly not resolving 79 investor complaints pending against it.
In its order, Sebi said that adjudication proceedings initiated against the company are "hereby settled".
Sebi on three separate occasions from 2008-2010 had written to the company asking it to redress 79 pending complaints against it and submit a Action taken report (ATR) within the prescribed time.
However, the company did not redress the complaints and failed to submit the ATR as required. Hence, Sebi had initiated the adjudication proceedings.
Pending the adjudication proceedings, Sabero Organics Gujarat had proposed a settlement of Rs 25,000 in May, 2011 under the Sebi's consent order mechanism.
However, later the firm revised its consent terms and offered settlement of Rs 6.80 lakh in July, 2012.
The proposed terms were placed before the High Powered Advisory Committee (HPAC) which after consideration, recommended that the case may be settled on payment of the said amount.
Sebi noted that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by the company is found to be untrue.
- No jobs for students of state’s first dairy, fisheries colleges
- Mayor blames contractors for bad roads, says better material to be used now
- New police chief says smooth polls his top priority for now
- Battleground ready, tough fight on cards in Pune
- Gadkari visits PU for cultural event, crowd gets out of control
- Govt vehicle hits two visually impaired students