WTM/RKA/EFD/52 /2015

BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA

ORDER
Under section 11B of the Securities and Exchange Board of India Act, 1992 in the matter of
Shayona Petrochem Limited.
In respect of (1) Shayona Petrochem Limited and its directors viz. (2) Mr. Lalit Bhagwandas
Patel, (3) Mr. Kirit Amichand Patel and (4) Mr. Shashikant Mohanlal Doshi
______________________________________________________________________________
1. Shayona Petrochem Limited (hereinafter referred to as the company) is a company
incorporated under the Companies Act, 1956 having its registered office at 119/C, Bombay
Talkies Compound, Malad (West), Mumbai 400 064. The shares of the company are listed on
Bombay Stock Exchange Limited (BSE) and Ahmedabad Stock Exchange Limited (ASE). It
has been observed from the website of Ministry of Corporate Affairs that there are three
directors of the company namely, Mr. Kirit Amichand Patel, Mr. Shashikant Mohanlal Doshi
and Mr. Lalit Bhagwandas Patel (hereinafter collectively referred to as "directors").
2.

It was observed that the company obtained SCORES authentication on August 01, 2012 but it
had failed to redress investor grievances forwarded to them through SCORES. In terms of
SEBI circular No. CIR/OIAE/1/2012 dated August 13, 2012, all listed companies were
advised to take appropriate necessary steps within 7 days of receipt of complaint by the
concerned company through SCORES, so as to resolve the complaint within 30 days of receipt
of complaint and also to keep the complainant duly informed of the action taken thereon.

3.

However, it was observed that one investor grievance was pending against the company for
more than 30 days. Therefore, SEBI issued Show Cause Notices (SCNs) dated March 28, 2013
and April 17, 2013, to the company and its directors, 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 under section 11B of the SEBI
Act.

4.

Mr. Kirit Amichand Patel and Mr. Shashikant Mohanlal Doshi acknowledged the receipt of the
SCN issued to them. However, SCN issued to Mr. Lalit Bhagwandas Patel returned
undelivered. Subsequently, SEBI vide letter dated January 27, 2014 forwarded a copy of the
SCN to Mr. Lalit Bhagwandas Patel and the same was acknowledged by him on January 30,
2014.

5.

Thereafter, the company vide letter dated January 16, 2014 inter alia requested for the original
investor complaints for its perusal. SEBI vide its letter dated January 30, 2014 forwarded copies

In the matter of Shayona Petrochem Limited

Page 1 of 2

of the said investor complaint and advised the company to redress the said investor complaint
and to submit the Action Taken Report (ATR). Subsequently, an opportunity of hearing was
granted to the company and its aforesaid directors on December 23, 2014. When Mr. Lalit
Bhagwandas Patel, Chairman and Managing Director of the company appeared on behalf of the
noticees and requested for the copies of the SCNs. Accordingly, copies of SCNs were provided
to him. Mr. Lalit Bhagwandas Patel further requested for forty five days time to redress the
pending investor grievances which was acceded to.
6.

It has been observed that although no reply has been received from either the company or
from its directors, it has been observed that the company has filed the ATR on SCORES for
the pending investor grievance as referred in the SCNs and as on March 09, 2015 the investor
grievance was disposed of. Further, SEBI has observed that there are no other complaints
pending on SCORES against the company.

7.

Considering the above facts and circumstances of the case, I am of the view that there is no
need to pass any direction under Section 11B of the SEBI Act, 1992 against Shayona
Petrochem Limited and its directors, as contemplated in the SCNs issued to them. However,
they are advised to take utmost care and be vigilant in future, in respect of redressal of investor
grievances. The SCNs are accordingly disposed of.

Sd/Date: June 11th, 2015

Place: Mumbai

In the matter of Shayona Petrochem Limited

RAJEEV KUMAR AGARWAL

WHOLE TIME MEMBER
SECURITIES AND EXCHANGE BOARD OF INDIA

Page 2 of 2