Order the matter of Maruti Telstar Industries Ltd.

WTM/RKA/OIAE/ 102/2014 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 Maruti Telstar Industries Ltd. In respect of Maruti Telstar Industries Ltd., Mr. Prabhakar Tanaji Karkar, Mr. Chand Swaroop Kapoor and Mr. Sachin Ashok Telge. 1. Maruti Telstar Industries Ltd. (hereinafter referred to as 'Maruti') is a company incorporated under the Companies Act, 1956 having its registered office at R-6, Sara Raj Nagar, Garkheda Parisar, Aurangabad, Maharashtra – 431 005. The shares of Maruti 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 Maruti, namely, Mr. Prabhakar Tanaji Karkar, Mr. Chand Swaroop Kapoor and Mr. Sachin Ashok Telge. 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 Maruti 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, Maruti to obtain SCORES authentication within seven days from the date of the advertisement, failing which SEBI would be constrained to initiate appropriate enforcement actions. However, Maruti still failed to obtain SCORES authentication. It was also observed that one investor complaint was pending against Maruti. SEBI vide its letter dated February 15, 2013 once again advised Maruti to obtain SCORES authentication and to redress the investor complaint pending against it but the said letter was returned undelivered with remarks 'shifted'. 3. Since Maruti 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 Maruti 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. Replying to the SCN, Maruti, vide its letter dated May 04, 2013 inter alia submitted that he had already made a request to SEBI for obtaining SCORES authentication and also submitted a copy of the said request.

In the matter of Maruti Telstar Industries Ltd.

5. I have considered the SCNs, reply of Maruti and other material available on record. I note that Maruti was given SCORES authentication on May 06, 2013 and by March 14, 2014 Maruti had resolved the investor complaint as well. It is noted that, there are no further complaints pending against Maruti on SCORES. 6. 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 Maruti 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