INVESTOR GRIEVANCES
The grievance letters received by SEBI from investors have been categorised as under:
Type I : Non-receipt of refund orders/ allotment letters/ stock invest.
Type II : Non-receipt of dividend.
Type III : Non-receipt of share certificates/bonus shares.
Type IV : Non-receipt of debenture certificates/interest on debentures/redemption amount of debentures/interest on delayed payment of interest on debentures/redemption amount of debentures.
Type V : Non-receipt of Annual reports, right forms, /interest on delayed receipt of refund order/dividend.
Type VI : Complaints related to plantation schemes etc.
Break-Up Of Grievances Received And Resolved During The Month of March 1999
|
Type |
Grievances received upto 15.3.99 |
Grievances received upto 15.3.99 |
|
I |
121 |
92 |
|
II |
575 |
685 |
|
III |
1865 |
893 |
|
IV |
906 |
1191 |
|
V |
471 |
152 |
|
VI |
238 |
-- |
|
TOTAL |
4176 |
3013 |
During the month of March 1999 (upto 15.3.99), SEBI received 4176 grievances against 1077 companies. In the same period 3013 grievances were reported resolved by 299 companies. These resolved grievances include grievances brought forward from the previous periods.
|
Name of the company |
Times appeared |
Complts recd upto 15.3.99 |
Complts rslvd upto 15.3.99 |
Complts pending |
Redressal ( % )
|
|
Okara Agro Industries Ltd |
2 |
1327 |
-- |
1327 |
0% |
|
Mahadev Corporation Ltd. |
35 |
2568 |
157 |
2411 |
6.00% |
|
Motorol India Ltd. |
35 |
4301 |
754 |
3547 |
17.53% |
|
Western Paques (I) Ltd |
19 |
3987 |
1329 |
2658 |
33.33% |
|
J.F. Laboratories Ltd |
11 |
1613 |
591 |
1022 |
36.63% |
|
Meher Dairy Ltd |
11 |
6502 |
2439 |
4063 |
38.00% |
It would be seen from tables above that redressal rate has been by and large low in the companies. The redressal rate of Okara Agro Industries Ltd. was just nil and Mahadev Corp Ltd. had 6 per cent complaints resolved. Only in case of Meher Dairy Ltd. the redressal rate was 38 per cent. The low redressal rate shows low concern on the part of the corporates for investors interests.