Order in respect of (1) Shayona Petrochem Limited and its directors viz. (2) Mr. Lalit Bhagwandas Patel, (3) Mr. Kirit Amichand Patel and (4) Mr. Shashikant Mohanlal Doshi

WTM/RKA/EFD/52 /2015

BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA ORDER Under section 11B of the Securities and Exchange Board of India Act, 1992 in the matter of Shayona Petrochem Limited.

In respect of (1) Shayona Petrochem Limited and its directors viz. (2) Mr. Lalit Bhagwandas Patel, (3) Mr. Kirit Amichand Patel and (4) Mr. Shashikant Mohanlal Doshi 1. Shayona Petrochem Limited (hereinafter referred to as ‘the company’) is a company incorporated under the Companies Act, 1956 having its registered office at 119/C, Bombay Talkies Compound, Malad (West), Mumbai 400 064. The shares of the company are listed on Bombay Stock Exchange Limited (BSE) and Ahmedabad Stock Exchange Limited (ASE). It has been observed from the website of Ministry of Corporate Affairs that there are three directors of the company namely, Mr. Kirit Amichand Patel, Mr. Shashikant Mohanlal Doshi and Mr. Lalit Bhagwandas Patel (hereinafter collectively referred to as "directors"). 2. It was observed that the company obtained SCORES authentication on August 01, 2012 but it had failed to redress investor grievances forwarded to them through SCORES. In terms of SEBI circular No. CIR/OIAE/1/2012 dated August 13, 2012, all listed companies were advised to take appropriate necessary steps within 7 days of receipt of complaint by the concerned company through SCORES, so as to resolve the complaint within 30 days of receipt of complaint and also to keep the complainant duly informed of the action taken thereon. 3. However, it was observed that one investor grievance was pending against the company for more than 30 days. Therefore, SEBI issued Show Cause Notices (SCNs) dated March 28, 2013 and April 17, 2013, to the company and its directors, respectively, calling upon them to show cause as to why suitable directions including direction to restrain them from accessing the securities market for a specified period should not be issued under section 11B of the SEBI Act. 4. Mr. Kirit Amichand Patel and Mr. Shashikant Mohanlal Doshi acknowledged the receipt of the SCN issued to them. However, SCN issued to Mr. Lalit Bhagwandas Patel returned undelivered. Subsequently, SEBI vide letter dated January 27, 2014 forwarded a copy of the SCN to Mr. Lalit Bhagwandas Patel and the same was acknowledged by him on January 30, 2014. 5. Thereafter, the company vide letter dated January 16, 2014 inter alia requested for the original investor complaints for its perusal. SEBI vide its letter dated January 30, 2014 forwarded copies

In the matter of Shayona Petrochem Limited of the said investor complaint and advised the company to redress the said investor complaint and to submit the Action Taken Report (ATR). Subsequently, an opportunity of hearing was granted to the company and its aforesaid directors on December 23, 2014. When Mr. Lalit Bhagwandas Patel, Chairman and Managing Director of the company appeared on behalf of the noticees and requested for the copies of the SCNs. Accordingly, copies of SCNs were provided to him. Mr. Lalit Bhagwandas Patel further requested for forty five days time to redress the pending investor grievances which was acceded to. 6. It has been observed that although no reply has been received from either the company or from its directors, it has been observed that the company has filed the ATR on SCORES for the pending investor grievance as referred in the SCNs and as on March 09, 2015 the investor grievance was disposed of. Further, SEBI has observed that there are no other complaints pending on SCORES against the company. 7. Considering the above facts and circumstances of the case, I am of the view that there is no need to pass any direction under Section 11B of the SEBI Act, 1992 against Shayona Petrochem Limited and its directors, as contemplated in the SCNs issued to them. However, they are advised to take utmost care and be vigilant in future, in respect of redressal of investor grievances. The SCNs are accordingly disposed of.

Sd/- Date: June 11th, 2015 RAJEEV KUMAR AGARWAL Place: Mumbai WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA