Indo American Credit Corporation Ltd & Kanel Oil and Export Ind Ltd have been barred from trading with effect from December 16.
Two companies from the city along with their directors were barred from trading in stock exchanges by the stock market regulator, Securities and Exchange Board of India (SEBI).
In an order passed by SEBI, five companies including two from Ahmedabad and one from Baroda were restrained from accessing the securities market and prohibited from buying, selling or even dealing with securities directly or indirectly for non-redressal of investor grievances.
Ahmedabad-based Indo American Credit Corporation Ltd and Kanel Oil and Export Industries Ltd have been barred by SEBI from trading with effect from December 16. There were 85 investor grievances unresolved by Indo American Credit Corporation Ltd as of September 24, 2008.
With the notices sent to the company returning undelivered, public notices were sent to the Sebi website and newspapers with nation-wide reach. The company, apart from being barred for trading, has also been charged for not
responding to SEBI queries.
Whereas, Kanel Oil and Export Industries Ltd had 64 investor grievances pending unresolved on September 24, 2010. Despite the extension of two weeks given to the company on request for filing a total report on the pending investor grievances, no report was filed by the company.
A public notice on Sebi website and in newspapers was given again. SEBI, thus stating that ample opportunities had been provided to the company and its directors namely Dhiren Thakkar, Hitesh Thakkar and Umesh Khese, has restrained all of them from accessing the securities market and prohibited them from buying, selling or otherwise dealing in securities.
Both companies were unavailable for comment with regard to their steps after the ban by Sebi and current status of investor grievances.
Among the others, Motorol Enterprise Ltd from Baroda, Kolar Biotech Ltd from Mumbai and Panjwani Packaging Ltd from Madhya Pradesh had 114, 58 and 146 respective investor grievances.
These companies too faced a similar ban.
Dr K M Abraham, full time member at Sebi who passed the order on December 15 to be implemented with immediate effect said, "The ban by SEBI would be removed only after all the pending investor grievances against the companies are resolved."
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