Order in respect of Parsoli Corpotation Ltd

WTM/RKA/EFD/DRA II/77/2016 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA ORDER UNDER SECTION 11B OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 In respect of Parsoli Corporation Limited 1. Parsoli Corporation Limited (hereinafter referred to as ‘the company’) is a listed company having its registered office address at 3/ Ground Floor, Oracle Point Guru Nanak Road, Bandra - West, Mumbai, Maharashtra – 400 050. 2. SEBI vide its circular no. CIR/OIAE/1/2012 dated August 13, 2012 directed all listed companies to obtain SEBI Complaints Redress System (SCORES) authentication by September 14, 2012 and to take appropriate necessary steps within seven days of receipt of complaints through SCORES, so as to resolve the complaint within thirty days of its receipt. 3. Though, the company obtained SCORES authentication, it failed to redress six investor grievances. Accordingly, SEBI issued Show Cause Notice (SCN) dated March 28, 2013 to the company calling upon it to show cause as to why suitable directions including direction to restrain it from accessing the securities market for a specified period should not be passed under section 11B of the SEBI Act for non-redressal of six investor grievances. The SCN returned undelivered from the registered office address of the company. Subsequently, the SCN was served through affixture on the registered office address of the company on April 01, 2016. 4. Opportunity of personal hearing was granted to the company on May 10, 2016. The notice to this effect was served through affixture on the company's registered office address. However, the company chose not to appear for the personal hearing on the scheduled date. 5. I note that sufficient opportunities have been granted to the company and it is not keen to avail the same. I further note that the company has not even filed any written

In the matter of Parsoli Corporation Limited reply/submission to the SCN. In view of these facts and circumstances, I deem it appropriate to decide the matter on the basis of material available on record. 6. I note that as on June 20, 2016 all six investor complaints as indicated in SCN were pending against the company for redressal. 7. I note that the investor complaints are pending unresolved since the year 2006. In addition to the obligations under the provisions of Companies Act, the company is also under an obligation to redress all investor complaints in terms of the advice/directions of SEBI, in view of the provisions of section 11 of the SEBI Act. However, the company has not shown any tenacity in resolving the investor grievances and in spite of repeated advice of SEBI, the said investor grievances are pending till date. 8. Failure to redress investor grievances, by a listed company adversely affects the confidence of investors in the securities market. In view of the foregoing, I am of the view that it is a fit case to issue appropriate directions under section 11B of the SEBI Act against the company as contemplated in the SCN. I, therefore, in exercise of the powers conferred upon me under section 19 of the SEBI Act read with sections 11 and 11B thereof, hereby restrain and prohibit Parsoli Corporation Limited from accessing the securities market and from buying, selling or dealing in securities, directly or indirectly, in whatsoever manner, till the company obtains SCORES authentication in terms of the SEBI circular dated August 13, 2012 and resolves all the investor grievances pending against it. The aforesaid direction is without prejudice to any other action that may be taken against the company and its directors in accordance with law. 9. This Order shall come into force with immediate effect. A copy of this Order shall also be served upon the depositories and stock exchanges for necessary action.

Sd/- Date: June 29th, 2016 RAJEEV KUMAR AGARWAL Place: Mumbai WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA