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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.
12/12/2012
SEBIP/MH00/9111826/1
07/04/2000
SEBIP/MH01/9112271/1
25/1/2001
SEBIP/MH01/9113571/1
01/06/2001
SEBIP/MH02/9105225/1
11/10/2002
SEBIP/MH03/9107045/1
14/2/2003
SEBIP/MH04/9115154/1
08/06/2004
SEBIP/MH10/9111886/1
17/6/2010
Nature of Complaint
Date of
Receipt
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In the matter of Supreme Telecoms & Network India Limited
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SEBIP/MH11/9100563/1
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.
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In the matter of Supreme Telecoms & Network India Limited
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