Capital markets regulator Sebi on Thursday revoked the directions issued against Varun Shipping Company and its directors after the firm resolved all pending investor grievances.
In April, the Securities and Exchange Board of India (Sebi) had issued directions against them in the wake of many investor grievances remaining unresolved. The company, in its action taken report, has informed the regulator that "all the pending 90 investor complaints" have been resolved.
There were no pending complaints against the company reported in SCORES (Sebi Complaints Redress System) as on May 21, 2015. It is noted that the company has resolved all pending investor complaints that were the cause for the issuance of directions through the order dated April 24, Sebi noted.
"Therefore, it would be in the interest of justice to revoke the directions issued against the company and its directors," the regulator said in its order.
The watchdog has also advised the entities to take utmost care and be vigilant in future, in respect of redressal of investor grievances.
Besides the company, the directions against Yudhisthir Dilip Khatau, A K Bhattacharya, Khurshed M Thananwalla, Armin Fali Pardiwala and Praveen Singh have been revoked.
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