SEBI Vs. ALPINE INDUSTRIES LIMITED
SECURITIES APPELLATE TRIBUNAL
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(1.) 0 Alpine Industries Ltd (hereinafter referred to as "the company") is a company incorporated/registered under the Companies Act, 1956 and having its registered office at Mhow Neemuch Road, Pithampur - 453001, Dist. Dhar (M.P.).The following persons are the directors of the company: Ranjit Vithaldas, Jamboo G. Bhandari, Dilip Udeshi, P.N. Devarajan, Satish G. Bhandari and M.A. Menon.
(2.) 0 The Securities and Exchange Board of India (hereinafter referred to as "SEBI") received several complaints against the company from investors and as on 31.3.2002, a total of 76 investor grievances which were not resolved or acted upon were pending with the company. Therefore, SEBI, vide letter dated 3.4.2002 advised the company to meet officials of SEBI in connection with redressal of investor grievances pending against them. However, the company failed to do so.
Ubsequently, SEBI, vide Show Cause Notice dated 23.5.2002 called upon the company to show cause why appropriate action/proceedings should not be taken against them under sections 11B and 27 of the SEBI Act read with section 621 of the Companies Act, 1956 for violation of Section 73 and 113 of the Companies Act, 1956. Since no reply was received from the company, I had in exercise of the powers conferred on me under section 11B of the SEBI Act, vide order dated 14.10.2002, directed the company to redress the investors' grievances pending against them within a period of one month from date of the order. The company was also informed vide the said order that in case of failure to redress investor grievances, the following actions would be initiated against them without further notice:
a) Prosecution under section 621 of the Companies Act
b) The company and its directors would be debarred from dealing in and/or accessing the capital market for a period of 5 years.
(3.) 0 The company failed to redress the grievances of investors within the time specified in the order dated 14.10.2002. The company vide letter dated 14.10.2002 submitted that they had not received any show cause notice and that they have suitably sorted out all pending grievances. Subsequently, though it was not required to do so, SEBI vide letter dated 9.5.2003, granted an opportunity to the company to be heard before me. The hearing was fixed for 31.5.2003; however the company failed to appear before me and make submissions in this regard.;
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