WTM/RKA/EFD/56/2015

BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA

ORDER
UNDER SECTION 11B OF THE SECURITIES AND EXCHANGE BOARD OF
INDIA ACT, 1992
In respect of Supreme Telecoms & Network India Limited
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1. Supreme Telecoms & Network India Limited (hereinafter referred to as 'Supreme Telecoms'
or the company) is a company incorporated under the Companies Act, 1956 having its
registered office at 303, Atlanta Tower, Sahar Road, Andheri (East), Mumbai 400 092. The
shares of the company are listed on Bombay Stock Exchange Limited (BSE).
2. SEBI vide its 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, since certain companies including Supreme Telecoms did not obtain
SCORES authentication within the time period specified in the aforementioned circular, a
public notice was issued on January 13, 2013, advising inter alia the companies 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, the
company still failed to obtain SCORES authentication. It was also observed that twelve
investor complaints were pending against the company. SEBI vide its letter dated February 15,
2013 once again advised the company to obtain SCORES authentication and to redress the
investor complaints pending against it but the said letter returned undelivered.
3. Since the company did not obtain SCORES authentication and failed to redress twelve investor
grievances, 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 direction to restrain it
from accessing the securities market for a specified period should not be passed under section
11B of the SEBI Act. The SCN issued to the company was sent on its registered office
address. The SCN returned undelivered from the registered addresses of the company. On
January 6, 2014, the SCN was once again sent through Registered Post Acknowledgement Due to the
registered office address of the company. The SCN was again returned undelivered with
remarks 'Left' from the registered office address of the company.
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In the matter of Supreme Telecoms & Network India Limited
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4. It was observed from the website of Ministry of Corporate Affairs (MCA) that there is no
change in the registered office address of the company. Further, the company has defaulted in
filing Form DIN3/ Form 32 with Registrar of Companies (RoC) therefore, the details of
directors of the company was not available.
5. Thereafter, on January 29, 2014, February 01, 2014 and February 06, 2014 the SCN was served
on the company by way of affixture at its registered office and two alternate addresses,
respectively.
6. An opportunity of personal hearing was granted to the company on November 05, 2014. The
notice to this effect was served on the company on October 21, 2014, by way of affixture at its
registered office. However the company chose not to appear for the personal hearing on the
scheduled date.
7. I note that sufficient opportunities have been granted to the company and it is not keen to
avail the same. I further note that the company 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 as on June 11, 2015 the company had not obtained SCORES authentication, as
required under SEBI circular dated August 13, 2012. I further note that out of twelve investor
complaints as mentioned in the SCN, as on June 11, 2015 there were ten investor complaints
pending against the company for redressal, the details of which are mentioned in the following
Table:
Table I - Details of the complaints
Sr.

Complaint (New)

no.

Registration No.

SEBIE/MH12/0008758/1 Non-receipt of shares after Transfer

12/12/2012

SEBIP/MH00/9111826/1

Non-receipt of shares after Transfer

07/04/2000

SEBIP/MH01/9112271/1

Non-receipt of shares after Transfer

25/1/2001

SEBIP/MH01/9113571/1

Non-receipt of shares after Transfer

01/06/2001

SEBIP/MH02/9105225/1

Non-receipt of shares after Transfer

11/10/2002

SEBIP/MH03/9107045/1

Non-receipt of shares after Transfer

14/2/2003

SEBIP/MH04/9115154/1

Non-receipt of shares after Transfer

08/06/2004

SEBIP/MH10/9111886/1

Non-receipt of shares after Transfer

17/6/2010

Nature of Complaint

Date of
Receipt

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SEBIP/MH11/9100563/1

Non-receipt of shares after Transfer

07/04/2011

10

SEBIP/MH12/0001268/1

Others

23/1/2012

9. I note that the investor complaints are pending unresolved since the year 2000. In addition to
the obligations under the provisions of Companies Act, the company is also under an
obligation to redress all investor complaints in terms of the advice/directions of SEBI, in view
of the provisions of section 11 of the SEBI Act. However, the company has not shown any
tenacity in resolving the investor grievances and in spite of repeated advice of SEBI, the said
investor grievances are pending till date.
10. Failure to redress investor grievances, by a listed company adversely affects the confidence of
investors in the securities market. In view of the foregoing, I am of the view that it is a fit case
to issue appropriate directions under section 11B of the SEBI Act against the company as
contemplated in the show cause notice issued to it. I, therefore, in exercise of the powers
conferred upon me under section 19 of the SEBI Act read with sections 11 and 11B thereof,
hereby restrain and prohibit Supreme Telecoms & Network India Limited from accessing the
securities market and from buying, selling or dealing in securities, directly or indirectly, in
whatsoever manner, till it obtains SCORES authentication in terms of the SEBI circular dated
August 13, 2012 and resolves all the investor grievances pending against it. The aforesaid
direction is without prejudice to any other action that may be taken against the company and
its directors in accordance with law.
11. As the company is in default of filing Form DIN3 / Form 32 with the RoC, a copy of this Order
shall be forwarded to the RoC, Mumbai for information and action that may be deemed
appropriate in respect of failure of Supreme Telecoms & Network India Limited.
12. This Order shall come into force with immediate effect. A copy of this Order shall also be
served upon the depositories and stock exchanges for necessary action.

Sd/Date: June 30th, 2015

Place: Mumbai

RAJEEV KUMAR AGARWAL

WHOLE TIME MEMBER
SECURITIES AND EXCHANGE BOARD OF INDIA

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In the matter of Supreme Telecoms & Network India Limited
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