MCA initiated action against 107 firms on investor complaints Sebi has also taken actions in 62 cases in the last three fiscal years
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The Ministry of Corporate Affairs today said it has initiated action against 107 companies in the past three financial years with regard to investor complaints against them.
Replying to a query, Minister of Corporate Affairs (MCA) Veerappa Moily, said the in Lok Sabha that his ministry has initiated action against 19 companies in 2009-10, 49 in 2010-11 and another 39 in 2011-12.
Besides, he said capital market regulator Sebi takes up cases of non-payment of dividend/interest on securities listed on the stock exchanges.
In case a company fails to pay dividend it faces action under sections of Sebi Act.
The Minister further said in the last three fiscal years Sebi has taken actions in 62 cases against various companies for non-redressal of investor grievances.
In addition, he said the government has taken several measures for awareness and protection of small investors.
Elaborating on the awareness measures, Moily said investor awareness programmes were conducted by MCA in partnership with the three professional institutes - Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India and Institute of Cost Accountants of India.
Besides, MCA and Sebi have also provided facilities to lodge investors' complaints in the form of an electronic platform. (Business Standard)
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