Investigations, Enforcement and Surveillance Department

Securities and Exchange Board of India has been receiving hundreds of complaints from the investors that the following companies failed to deliver the share certificates lodged by them for the purpose of transfer within the limit of two months from the date of lodging as mandated under the provisions of Companies Act, 1956:

1. Ojas Technochem Products Ltd. having its registered office at Vadodara,

2. Sunstar Software Systems Ltd. having its registered office at Ahmedabad

3. Manna Glass- Tech Industries Ltd. having its registered office at Ahmedabad

SEBI advised the above companies several times to redress the grievances of their shareholders. However, the said companies failed to take any satisfactory action.
 
In the above circumstances, Securities and Exchange Board of India has launched prosecution against the above companies and their directors under Sec. 113 of Companies Act, 1956 by filing a complaint before the Addl. Chief Metropolitan Magistrate, 19th Court at Mumbai.