Market regulator Securities and Exchange Board of India has disposed of a case against Tata Motors Ltd. 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 regulator added that despite the legal bearing 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, SEBI disposed of the case.
As carried in bloombergquint on 5.9.2017