The Ministry of Corporate Affairs has initiated action against 49 companies in 2010-11, 39 companies in 2011-12 and 78 companies in 2012-13 based on investors’ grievances. Giving this information in written reply to a question in the Rajya Sabha recently, Shri Sachin Pilot, Minister of Corporate Affairs, said that Securities and Exchange Board of India (SEBI) also initiates action for redressing complaints of non-payment of dividend/ interest on listed securities, pertaining to companies listed with stock exchanges. Companies which fail to pay dividend face action under sections 11B/15C of the SEBI Act, 1992. Details of action taken for non-redressal of investor grievances year-wise, during the last three years in respect of such companies are as follows:
|
Financial Year |
Number of cases where |
|
|
Action taken under Section 11 |
Adjudication |
|
|
2010-11 |
18 |
3 |
|
2011-12 |
11 |
6 |
|
2012-13 |
04 |
10 |
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