WTM/RKA/EFD/DRA-II/ 52/2016

BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA

ORDER
Under section 11B of the Securities and Exchange Board of India Act, 1992
In respect of (1) Shree Ambeshwar Paper Mills Limited and its directors viz. (2) Mr. Manoj
Bherushankar Dave (3) Mr. Shantilal Bhikhalal Dave, (4) Mr. Dharamdutt Vishweswar
Trivedi and (5) Mr. Mohanlal Jeshankar Trivedi
____________________________________________________________________________
1. Shree Ambeshwar Paper Mills Limited is a listed company having its registered office at Shop
No. 82, 4th Lane, Ghadiyal Galli, Mangaldas Market, Mumbai. Securities and Exchange Board
of India (SEBI) observed that Shree Ambeshwar Paper Mills Limited had failed to redress the
three investor grievances. Further it had not obtained SEBI Complaints Redress System
(SCORES) authentication within time stipulated in SEBI circular no. CIR/OIAE/1/2012 dated
August 13, 2012 whereby SEBI had directed all the listed companies to obtain SCORES
authentication by September 14, 2012 and to take appropriate necessary steps within seven days
of receipt of complaints through SCORES. Accordingly, SEBI sent a letter dated February 15,
2013, to the Managing Director of Shree Ambeshwar Paper Mills Limited, drawing his attention
to the aforesaid Circular and advising him to resolve the pending grievances at the earliest. The
said letter was returned undelivered.
2.

SEBI issued Show Cause Notices (SCNs) dated March 28, 2013 and April 17, 2013 to Shree
Ambeshwar Paper Mills Limited and its directors viz., Mr. Manoj Bherushankar Dave, Mr.
Shantilal Bhikhalal Dave, Mr. Dharamdutt Vishweswar Trivedi and Mr. Mohanlal Jeshankar
Trivedi, respectively calling upon them to show cause as to why suitable directions including
direction to restrain them from accessing the securities market for a specified period should not
be issued against them under section 11B of the SEBI Act. However, the SCNs remained
unserved.

3.

Vide its letters dated May 06, 2013, July 15, 2003 and July 19,2003, the company informed
SEBI about its repeated efforts taken by it for redressal of the aforesaid 3 investor complaints
and obtaining SCORES authentication. Further, Mr. Jayant D Trivedi vide his undated letter,
received by SEBI on March 2014, attaching a copy of death certificate, informed that Mr.
Dharamdutt Vishweswar Trivedi had died on December 01, 2013.

4.

While the SCNs were yet to be served as aforesaid, the Registrar of Companies( RoC) , Mumbai
vide letter dated November 17, 2014, has, inter alia, confirmed to SEBI that Shree Ambeshwar

In the matter of Shree Ambeshwar Paper Mills Limited

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Paper Mills Limited is Under Liquidation and has been ordered to be wound up by an Order
dated July 18, 2012 in Company Petition 70 of 2012. In view of this confirmation from RoC,
SEBI treated the aforesaid investor complaints as closed and disposed them of accordingly.
Despite such disposal of complaints, SEBI served the SCNs dated March 28, 2013 and April
17, 2013 through affixture on April 02, 2016 and thereafter, the matter was brought before me
for granting of personal hearing to the noticees. No appearance was made on behalf of any of
the noticees on Scheduled date of hearing on May 10, 2016.
5.

I note that by an Order dated July 18, 2012 the company had been ordered to be wound up
much before the SCNs were even proposed. Further, one of the noticees viz; Mr. Dharamdutt
V. Trivedi had died on December 01, 2013 before the SCN dated April 17, 2013 could be
served upon him. The investor complaints that were cause of action in the matter had already
been treated as closed and disposed of even before the SCNs were served on the noticees
through substituted service on April 02, 2016. Considering these facts and circumstances, I am
of the view that issuance and service of SCNs as above was a futile exercise.

6.

I, therefore, am of the view that nothing survives for issuance of any issue any direction under
section 11B of the SEBI Act, 1992, as contemplated in the SCNs issued in the matter. The
SCNs are accordingly disposed of.

Sd/RAJEEV KUMAR AGARWAL

Date: May 24th, 2016

Place: Mumbai

WHOLE TIME MEMBER

SECURITIES AND EXCHANGE BOARD OF INDIA

In the matter of Shree Ambeshwar Paper Mills Limited

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