SEBI imposes Rs 1.3 crore fine on Top Telemedia, 2 directors

Markets regulator SEBI has slapped a total fine of Rs 1.3 crore on Top Telemedia Ltd and two of its directors for failing to resolve investor complaint in due time.

While a fine of Rs 1.1 crore has been imposed on the company, a penalty of Rs 10 lakh each has been slapped on its Managing Director Deep Kumar Trivedi and Whole Time Director Indrajit Vaghela Lakhaji.

According to the regulator, the firm had failed to resolve investors' grievances despite being called upon to do so by SEBI in writing.

SEBI observed that the complaints of the investors are relating to the period from 2000 to 2014.

Noting that Managing Director and Whole Time Director were the person responsible for the day to day affairs of the company, SEBI said they are liable for the failure and accordingly they have violated SEBI Act.

"Non redressal of...grievances for a long time (more than 3 years and in some case around 10 years) is certainly a loss to the investors," SEBI's Adjudicating Officer Rachna Anand said in an order on June 6.

The watchdog also let off two promoters and two directors saying that they were not involved in the task of SEBI related compliance, as they were not liable in discharging the day to day affairs of the company.