Order in the matter of Mehta Caplease Ltd.

WTM/RKA/OIAE/100/2014 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA ORDER Under section 11B of the Securities and Exchange Board of India Act, 1992 in the matter of Mehta Caplease Ltd. In respect of Mehta Caplease Ltd., Mr. Aakesh Suresh Chopra, Mr. Manish Kalidas Dodia and Mr. Vinod Fekuram Jaiswal 1. Mehta Caplease Ltd. (hereinafter referred to as 'Mehta') is a company incorporated under the Companies Act, 1956 having its registered office at Mehta Caplease Ltd. 185, Perin Nariman Street Bazar Gate, Fort, Mumbai – 400 001 Maharashtra. The shares of Mehta are listed on Bombay Stock Exchange Ltd. (BSE) and Ahmedabad Stock Exchange Limited (ASE). It has been observed from the website of Ministry of Corporate Affairs that there are three directors of Mehta, namely, Mr. Aakesh Suresh Chopra, Mr. Manish Kalidas Dodia and Mr. Vinod Fekuram Jaiswal. 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. However, certain companies including Mehta 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, Mehta to obtain SCORES authentication within seven days from the date of the advertisement, failing which SEBI would be constrained to initiate appropriate enforcement actions. It was also observed that one investor complaint was pending against Mehta.

3. Since Mehta did not obtain SCORES authentication and failed to redress the investor grievance, SEBI issued Show Cause Notices (SCNs) dated March 28, 2013 and April 26, 2013, to Mehta and its directors, respectively, calling upon them to show cause as to why suitable directions including the direction to restrain them from accessing the securities market for a specified period should not be issued under section 11B of the SEBI Act. 4. In response to the SCN, Mehta, vide its letter dated May 27, 2013, submitted that as the company is not in operation, it could not respond to the investors complaints. It also submitted that it is making efforts to redress all the investor complaints expediently. It has been observed that Mehta obtained SCORES authentication on May 28, 2013 and disposed of the investor complaint, as referred in the SCN. It is also observed that, there are no other complaints pending on SCORES. In the matter of Mehta Caplease Ltd.

5. I have considered the SCNs, reply of Mehta and other materials available on record. It has been confirmed that Mehta has obtained SCORES authentication, disposed of the complaints referred in the SCN and no further complaint is pending on SCORES. Considering the 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 Mehta and its directors, as contemplated in the SCNs issued to them. However, they are advised to take utmost care and be vigilant in future, in respect of redressal of investor grievances. The SCNs are accordingly disposed of.

Date: 13th August, 2014 RAJEEV KUMAR AGARWAL Place: Mumbai WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA