Sebi settles Sabero Organics case on not resolving complaints
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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.