Order in respect of M/s. International Hometex Limited and its directors, Mr. Vineet Kumar Agarwal, Mr. Vinod Kumar Agarwal and Mr. Vishwinder Nath Gupta
- Order No.WTM/RKA/OIAE/50/2013
Ratio decidendi
The rule this decision rests on
The restraint on accessing the securities market and dealing in securities under the earlier direction was imposed because the company had failed to redress pending investor grievances. Where the company has since redressed all such grievances, and no complaints remain pending on SCORES, that basis no longer exists, and it is in the interest of justice to revoke the direction. The Whole Time Member may revoke such directions under Section 19 of the SEBI Act, 1992, read with Sections 11(4)(b) and 11B, once satisfied on the material before him that the grievances which led to the directions have been resolved.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
WTM/RKA/OIAE/50/2013 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA ORDER In respect of M/s. International Hometex Limited and its directors, Mr. Vineet Kumar Agarwal, Mr. Vinod Kumar Agarwal and Mr. Vishwinder Nath Gupta 1. The Securities and Exchange Board of India (hereinafter referred to as 'SEBI'), vide Order dated August 10, 2012 restrained and prohibited M/s. International Hometex Limited (hereinafter referred to as the 'Company') and its directors, Mr. Vineet Kumar Agarwal, Mr. Vinod Kumar Agarwal and Mr. Vishwinder Nath Gupta from accessing the securities market and buying, selling or dealing in securities, directly or indirectly, in any manner whatsoever, till all the pending investor grievances against the Company are resolved by them. The said directions were issued as it was found that the Company had failed to redress pending investor grievances. 2. The Company has now reported that it has redressed all the pending investor grievances. SEBI has examined the submissions of the Company and is satisfied that the Company has redressed all the pending complaints. It is also placed on record that there are no pending complaints against the Company reported in SEBI Complaints Redress System (SCORES) as on November 25, 2013. It is noted that the Company has resolved all pending investors' complaints that were the cause for the issuance of the directions vide Order dated August 10, 2012, as well as other complaints against it as on November 25, 2013. Therefore, it would be in the interest of justice to discontinue the directions issued against the Company and its directors, vide Order dated August 10, 2012. 3. In view of the above, I, in exercise of the powers conferred upon me under Section 19 of the Securities and Exchange Board of India Act, 1992 read with Sections 11(4)(b) and 11B thereof, hereby revoke the directions issued against M/s. International Hometex Limited (having its registered office at 401, Sumer Kendra, Pandurang Budhkar Marg, Worli, Mumbai – 400 018) and its directors, Mr. Vineet Kumar Agarwal, Mr. Vinod Kumar Agarwal and Mr. Vishwinder Nath Gupta, vide Order dated August 10, 2012. 4. Copies of this Order shall also be served on the Stock Exchanges and Depositories to enable them to take necessary steps for ensuring due compliance with this Order.
RAJEEV KUMAR AGARWAL DECEMBER 4, 2013 WHOLE TIME MEMBER MUMBAI SECURITIES AND EXCHANGE BOARD OF INDIA
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