August
14, 2008
PR No. 151/2008
Order against MCS Ltd.
SEBI had received many complaints against MCS Ltd. from various companies alleging refusal of MCS Ltd. to hand over the records/data to them or their newly appointed share transfer agent and issue No-objection to the Depository within the prescribed time-frame. In this connection, Dr. T.C.Nair, Whole Time Member, SEBI vide order dated August 11, 2008 has directed that MCS Ltd. shall within a period of 10 days from passing of the order transfer all the data/records and issue no objection to the Depository with respect to all the companies mentioned in the show cause notice dated March 17, 2008, if not already done, failing which strict action will be taken against MCS Ltd. in terms of the Securities and Exchange Board of India Act and the rules and regulations framed thereunder. It is left open for MCS Ltd. to seek resolution of their dispute with the issuers, if any, at an appropriate forum.
Mumbai
August 14, 2008
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