Securities market regulator SEBI on Tuesday imposed a penalty of ₹5 lakh on Amtek Auto for failing to redress investors’ grievances.
According to the SEBI order in this matter, the company has resolved only one out of three investor complaints pending with it. With regard to the other two pending complaints, Amtek Auto, in its submission to SEBI, said they have resolved both complaints. These complaints were related to non-updation of address/ signature/correction as well as non-receipt of dividend.
“However, after viewing the status on SCORES... I fail to concur that dividend was paid to the complainant as scanned copy of the dividend warrant sent to the complainant or NEFT transfer details…, were not provided by the noticee...,” SEBI Adjudicating Officer Vijayant Kumar Verma said.