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In the matter of Rishab Concast Limited
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4. It was observed that there was no record available about the company on the website of
Ministry of Corporate Affairs (MCA).
5. Thereafter, on January 30, 2014 the SCN was served on the company by way of affixture at
both of its last known office addresses. An opportunity of personal hearing was granted to the
company on October 28, 2014. The notice to this effect was served on the company on
October 10, 2014, by way of affixture at its last known office addresses. However the company
chose not to appear for the personal hearing on the scheduled date.
6. 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.
7. I note that as on June 01, 2015 the company had not obtained SCORES authentication, as
required under SEBI circular dated August 13, 2012. I further note that out of five investor
complaints as mentioned in the SCN, as on June 01, 2015 there were two investor complaints
pending against the company for redressal, the details of which are mentioned in the following
Table:
Details of the complaints
Sr.
Complaint
(New)
no.
Registration No.
SEBIE/MH14/0011014/1
28/12/2014
SEBIIP/MH12/0009125/1
Others
11/12/2012
Nature of Complaint
Date
of
Receipt
8. I note that the investor complaints are pending unresolved since the year 2012. 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.
9. 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
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In the matter of Rishab Concast Limited
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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 Rishab Concast 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.
10. As the company's records are not available on the website of MCA 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 Rishab Concast Limited.
11. 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 Rishab Concast Limited
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