SEBI Disposes 'Non-Redressal Of Grievance' Case Against Tata Motors
PTI
1 min read
Sep 05, 2017, 04:51 PM
Key Highlights
- Tata Motors was accused for non-redressal of investor complaints
- Tata Motors had redressed the grievance of the complainants, SEBI said
- The main grievance of the two complainants was from 1990
Markets regulator SEBI (Securities and Exchange Board of India) has disposed of a case against Tata Motors related to alleged non-redressal of investor complaints. After noting that Tata Motors had redressed the grievance of the complainants, SEBI said in an order that the charge of non-redressal of grievance "does not stand established" against the firm. It was alleged that the company had merely filed action taken report (ATR) in the SEBI Complaints Redressal System (SCORES) with regard to two pending investor complaints and failed to take appropriate steps for their redressal.
The main grievance of the two complainants related to non-receipt of interest in 1990 on the debentures held by them of Tata Engineering and Locomotive Company (TELCO), later re-christened as Tata Motors.
"The noticee (Tata Motors) has taken all efforts to substantiate its claim of having paid the interest amount to the complainants, but failed to provide the details of payment as it was more than 15 years old," SEBI said.
The regulator added that despite the legal barring on the firm, it has taken all efforts to justify with documentary proof (outstanding payment register) that the complainants were paid the interest amount in the year 1990.
Noting that "there is no case of non-redressal of complaints" by the firm, the Securities and Exchange Board of India (SEBI) disposed of the case.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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