Sebi slaps Rs 5 lakh penalty on Lohia Polyesters
Mumbai: Sebi on Tuesday imposed a total penalty of Rs 5 lakh on Lohia Polyesters for failing to resolve investor complaints and for not furnishing required details to the market regulator.
In its order on Tuesday, Sebi slapped a fine of Rs 4.50 lakh on Lohia Polyesters for failing to redress investor complaints.
Besides, the market regulator imposed penalty of Rs 50,000 on the firm for failing to submit certain information including document of authentication required under Sebi's online complaint redressal system SCORES.
The regulator said it is "established beyond doubt that the noticee (Lohia Polyesters) has not redressed the long pending investor grievances and failed to submit the ATR (Action Taken Report) and letters from BSE and stock exchanges as advised by Sebi".
According to the order, the company also failed to submit the required authentication under SCORES (Sebi Complaints Redress System) before the initiation of adjudication proceeding.
Certain investor grievances were pending against the company as on December 22, 2011, Sebi said.
Lohia Polyesters was advised by Sebi to submit letters from BSE and other stock exchanges on which it was listed, stating the status of investor grievances.
However, the order said the company did not redress the investor grievances, failed to submit the ATR and letters from the stock exchanges.