Sebi asks 11 cos to resolve investor issues within 30 days

Market regulator Securities and Exchange Board of India on Monday asked 11 companies to resolve investor issues in a month or face penalty.

"If any of these companies fails to redress the grievances and submit the status report ... within 30 days from the date of this advertisement, SEBI shall be constrained to take actions against these companies and their directors," it said in a statement.

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The companies include Aashi Industries, Beta Naphthol, Indo American Optics, Jayant Vitamins, Motorol Enterprise, Ojas Technochem Products, Indo American Credit Corp, Hindustan Industrial Chemicals, Topline Shoes, Panjwani Packaging and Pankaj Agro Protinex.

SEBI said it has received a large number of complaints against these companies from investors and that these firms have not responded to the regulator's letter sent along with the list if complaints to them for resolution.

The regulator said, as per the SEBI Act, "such companies shall be liable to a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less."

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