September 07, 2017

Tata Motors case disposed by SEBI

Tata Motors

Market regulator Securities and Exchange Board of India has wavered of a case against Tata Motors Ltd. related to supposed non-redressal of investor complaints.

SEBI said that the charge of non-redressal of grievance “does not stand established” against the firm, in an order, after redressing the grievance of the complainants by Tata Motors.

It was alleged that the company had only filed action taken report (ATR) in the SEBI Complaints Redressal System (SCORES) with respect to two pending investor complaints and failed to take appropriate steps for their redressal.

"The noticee (Tata Motors) has taken all efforts to substantiate its claim of having paid the interest amount to the complainants, but failed to provide the details of payment as it was more than 15 years old," Sebi said.

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.

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