Order in respect of Motorol Enterprises Limited
- Order No.WTM/RKA/OIAE/52/2013
Ratio decidendi
The rule this decision rests on
Where a restraint direction was imposed pending the redressal of investor complaints, it is revoked once the complaints that caused the direction have been redressed and no complaints remain pending against the company on SCORES as on the reference date, because the purpose of the restraint has been served and revocation is in the interest of justice. Where a person subject to such a restraint direction has died, the direction against that person has become infructuous and is not required to be separately revoked.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
In respect of Motorol Enterprises Limited and its former directors, Mr. Rinki S. Gandhi, Mr. Thakar S. Mahesh, Mr. Gandhi K. Chandrakant and Mr. Gandhi K. Shashikant.
1. The Securities and Exchange Board of India (hereinafter referred to as 'SEBI'), vide Order dated December 15, 2010, restrained Motorol Enterprises Limited (hereinafter referred to as the 'Company') and its directors, viz; Mr. Rinki S. Gandhi, Mr. Thakar S. Mahesh, Mr. Gandhi K. Chandrakant and Mr. Gandhi K. Shashikant from accessing the securities market and prohibited them from buying, selling or otherwise dealing in securities, directly or indirectly, till all the pending investor complaints against the said Company are resolved and the same is reported to and confirmed by SEBI.
2. Mr. Rinki S. Gandhi, who was formerly a director of the Company, has now reported that the Company has redressed all the pending investor complaints. SEBI has examined these submissions and is satisfied that the Company has redressed all the pending investors' complaints and that there are no pending complaints against the Company reported in SEBI Complaints Redress System (SCORES) as on December 13, 2013. It also submitted that Mr. Rinki S. Gandhi and Mr. Thakar S. Mahesh have resigned from the board of the Company.
3. It is noted that the Company has resolved all pending investor complaints that were the cause for the issuance of the directions vide Order dated December 15, 2010, as well as other complaints, if any, against it as on December 13, 2013. Therefore, it would be in the interest of justice to revoke the directions issued against the Company and its directors, vide Order dated December 15, 2010. It is also noted that Mr. Gandhi K. Chandrakant and Mr. Gandhi K. Shashikant have expired and the directions as against them have already become infructuous.
4. I, therefore, 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 Motorol Enterprises Limited (having its registered office at 1,
Monalisa apartments, 48, Nutan Bharat society, Alkapuri, Vododara – 7 and its former directors, Mr. Rinki S. Gandhi, Mr. Thakar S. Mahesh, vide order dated December 15, 2010.
5. Copies of this Order shall 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 DATE: December 17th, 2013 WHOLE TIME MEMBER PLACE: MUMBAI SECURITIES AND EXCHANGE BOARD OF INDIA
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