Order in the matter of Isibars Ltd.

Under section 11B of the Securities and Exchange Board of India Act, 1992 in the matter of Isibars Ltd. (Now known as India Steel Works Ltd. ) 1. Isibars Ltd. (now known as India Steel Works Ltd. and hereinafter referred to as ‘the company’) is a company incorporated under the Companies Act, 1956 having its registered office at Zenith Compound, Khopoli, Raigad, Maharashtra – 410203. The shares of the company are listed on Bombay Stock Exchange Ltd. (BSE) and Delhi Stock Exchange Limited (DSE).

2. SEBI vide circular no. CIR/OIAE/1/2012 dated August 13, 2012 directed all companies whose securities are listed on stock exchanges to obtain SCORES authentication by September 14, 2012 and to take appropriate necessary steps within seven days of receipt of complaints by the concerned company through SCORES, so as to resolve the complaint within 30 days of receipt of complaint. 3. However, certain companies including Isibars Ltd. did not obtain SCORES authentication within the time period specified in the aforementioned circular. Therefore, a Public Notice was issued on January 13, 2013, advising inter alia, the company to obtain SCORES authentication within seven days from the date of the advertisement, failing which SEBI would be constrained to initiate appropriate enforcement actions. 4. Since the company did not obtain SCORES authentication and failed to redress the investor grievance, 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 the direction to restrain it from accessing the securities market for a specified period should not be issued under section 11B of the SEBI Act. 5. In response to the SCN, the company vide its letter dated January 15, 2014 replied that the name of the company has been changed to India Steel Works Limited and the company had taken SCORES authentication and has resolved all the pending investor complaints. 6. Subsequently, the company filed the Action Taken Report on SCORES for the pending investor grievance as referred in the SCN and the grievances were disposed of on August 18, 2014. 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 against the company, as contemplated in the SCN issued to it. The SCN is accordingly disposed of.

Date: September 4th, 2014 RAJEEV KUMAR AGARWAL Place: Mumbai WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA