Sebi revokes market ban on Solid Carbide Tools
Mumbai: Market regulator Sebi on Friday revoked its order restraining Solid Carbide Tools Ltd and its three directors from the capital market which was imposed for the company's failure to redress investor complaints.
Securities and Exchange Board of India (Sebi) said it is revoking "the directions issued against Solid Carbide Tools and its directors, Dilip Suresh Shah, Narendra C Doshi and Mukhesh M Kothari, vide order dated April 8, 2011".
It had restrained them from accessing the capital market and dealing in securities till all the pending investor grievances against the company were resolved.
"The company has now reported that it has redressed all the pending investor grievances," Sebi said
Following examination of the submissions by Solid Carbide, the regulator said it was satisfied that the company has resolved all the pending complaints.
Sebi also noted that there were no pending complaints against the company reported on its online complaint redressal system, SCORES, as on April 12, 2013.
"...It is noted that the company has resolved all pending investors' complaints that were the cause for the issuance of the directions in the order on April 8, 2011, as well as other complaints, if any, against it as on April 12, 2013," Sebi said.
"Therefore, it would be in the interest of justice to discontinue the directions issued against the company and its directors, vide order dated April 8, 2011," it added.