No action recommended against M/s. Apple Finance Ltd. in the matter of M/s. Trident Steels Ltd.
Proceedings under Section 11B read with Section 11 of the SEBI Act, 1992 were initiated against M/s. Apple Finance Ltd., the Merchant Banker to the public issue of M/s. Trident Steels Ltd., for failure to ensure timely dispatch of allotment / refund orders for all the respondents to the public offer of M/s. Trident Steels Ltd. in violation of Regulation 13 read with Schedule III of SEBI (Merchant Bankers) Regulations, 1992. After considering the reply it was found by SEBI that M/s. Apple Finance Ltd. has taken reasonable steps and fulfilled its obligations under the said Regulations. Accordingly, Whole Time Member of SEBI vide Order No. MO/05/IVD/08/05 dated August 08, 2005 has directed that no action be taken against M/s. Apple Finance Ltd.
The full text of the order is available on the website: www.sebi.gov.in
August 16, 2005