Order in the matter of Snowcem India Ltd. (now known as SIL Business Enterprises Ltd.)

WTM/RKA/OIAE/115/2014 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 Snowcem India Ltd. (now known as SIL Business Enterprises Ltd.)

In respect of SIL Business Enterprises Ltd., Mr. T. B. Ruia, Mr. R. J. Paymaster, Mr. Haresh A. Bhojwani and Mr. Sharad K. Pachapurkar

1. Snowcem India Ltd., now known as SIL Business Enterprises Ltd. (hereinafter referred to as 'SIL' or ‘the company’) is a company incorporated under the Companies Act, 1956 having its registered office at Plot No. 1 & 2, Jijamata Nagar, Nashik Road, Nashik – 422 101. The shares of the company are listed on Bombay Stock Exchange Limited (BSE), Calcutta Stock Exchange Limited (CSE) and National Stock Exchange Limited (NSE). It has been observed from the website of Ministry of Corporate Affairs that there are four directors of the company, namely, Mr. T B Ruia, Mr. R J Paymaster, Mr. Haresh A Bhojwani and Mr. Sharad K Pachapurkar. 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 SIL did not obtain SCORES authentication within the time period specified in the aforementioned circular. It was also observed that three investor complaints were pending against the company. SEBI vide its letter dated March 15, 2013 once again advised the company to obtain SCORES authentication and to redress the investor complaint pending against them. 3. Since, the company did not obtain SCORES authentication and failed to redress the investor grievances, SEBI issued Show Cause Notices (SCNs) dated March 28, 2013 and April 17, 2013 to the company 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 reply to the SCN, the company vide letter dated April 30, 2013 inter alia submitted that:

In respect of SIL Business Enterprises Ltd.

i. The company has obtained SCORES login and password. ii. As per their R & T Agent, there are no complaints pending against the company. iii. The company requested for the details of the pending investor grievances as alleged. iv. Mr. T. B. Ruia has resigned as Director of the company with effect from March 1, 2011 and he is not associated with the company. 5. As per the records in SCORES, three investor complaints were pending in the old name of the company i.e. Snowcem India Ltd. and accordingly SEBI vide its letter dated May 15, 2013 forwarded the details of three investor complaints to the company. 6. Subsequently, SEBI observed that the company has redressed all the investor complaints pending in its old name, as well, and as on August 11, 2014, there was no complaint pending against the company on SCORES. 7. I have considered the SCNs, reply of the company and other material available on record. I note that the company had taken SCORES authentication on April 2, 2013 and by April 7, 2014 the company had resolved all the investor complaint pending in the company's new name. Further, the company has now resolved all the investor complains pending in the company's old name as well. 8. 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 SIL Business Enterprises Ltd. 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: September 26th, 2014 RAJEEV KUMAR AGARWAL Place: Mumbai WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA