Order in the matter of IDI Limited

In respect of IDI Limited. 1. IDI Limited (hereinafter referred to as ‘IDIL’) is a company incorporated under the Companies Act, 1956 having its registered office at “Building No. 6, Sri Sai Industrial Premises Cooperative Society Ltd., Unit No. 206, V. N. Purav Marg, Chunabhatti, Sion, Mumbai – 400022”. 2. Vide circular no. CIR/OIAE/1/2012 dated August 13, 2012, Securities and Exchange Board of India (hereinafter referred to as “SEBI”) directed all companies, whose securities are listed on stock exchanges, to obtain SEBI Complaints Redress System (hereinafter referred to as “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 complaints within thirty days of their receipt. Since certain companies including IDIL did not obtain SCORES authentication within the time period specified in the aforementioned circular, a public notice was issued on January 13, 2013, advising the companies, inter alia, to obtain SCORES authentication within seven days from the date of the advertisement, failing which SEBI would be constrained to initiate appropriate enforcement actions. 3. IDIL had not obtained SCORES authentication and it had not redressed 22 investor grievances pending against it. In view of the above, vide letter dated February 15, 2013, SEBI advised IDIL to resolve the pending grievances at the earliest but not later than February 27, 2013. However, the said letter returned undelivered. 4. Since IDIL failed to redress the investor grievances, SEBI issued Show Cause Notice (SCN) dated March 28, 2013 to it alleging, inter alia, that IDIL had failed to obtain SCORES authentication within the time period specified in the aforesaid Circular dated August 13, 2012 and that there were twenty two investor grievances pending against it. IDIL was also called upon to show cause as to why suitable directions including the direction to restrain it from accessing the securities market for a specified period should not be issued under section 11B of the Securities and Exchange Board of India Act, 1992 (the SEBI Act). 5. The SCN was sent to IDIL at its registered office and alternate address at “IDI Limited,

In the matter of IDI Ltd.

Mafatlal Centre, 5th Floor, Nariman Point, Mumbai”. However, the said SCN returned undelivered with remarks “shifted”. Vide letter dated January 7, 2014, SEBI again forwarded a copy of the SCN to IDIL at its registered office and the aforesaid alternate address through Registered Post Acknowledgement Due. However, these letters returned undelivered with remarks “left”. Finally, the SCN was served upon IDIL by way of affixture at its registered office and the abovementioned alternate address on January 31, 2014 and February 6, 2014 respectively. I note that till date IDIL has not filed any reply to the SCN. 6. Pursuant to the service of the SCN, an opportunity for personal hearing was granted to IDIL on October 28, 2014. However, the notice of personal hearing returned undelivered. Subsequently, the notice of personal hearing was served on IDIL by way of affixture at its registered office address on October 13, 2014. However, IDIL failed to appear before me on the scheduled date of personal hearing. 7. I note that sufficient opportunities have been granted to IDIL and it is not keen to avail the same. I further note that IDIL has not even filed any written 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. 8. I note that till date IDIL has not obtained SCORES authentication as required under SEBI circular dated August 13, 2012. As per the information available on the website of the Ministry of Corporate Affairs, IDIL is under liquidation. In view of the same, the pending investor grievances against IDIL have been disposed of in SCORES. 9. Considering the facts and circumstances of this case, I do not think this case fit for any further action against IDI Limited. Accordingly, I, in exercise of the powers conferred upon me under section 19 of the SEBI Act read with sections 11 and 11B thereof, hereby dispose of the SCN dated March 28, 2013 against IDI Limited without any direction. 10. This order shall come into force with immediate effect.

Sd/-

DATE: JULY 20th, 2015 RAJEEV KUMAR AGARWAL PLACE: MUMBAI WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA