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3
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4
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- Identified Systemic gaps relating to:
- Administrative:
- Dated official databases of listed Companies addresses &
particulars.
- Depositors helplessness in getting refunds even after orders of Company Law Board.
- Listed shares becoming illiquid due to indefinite suspension of
trading in shares by Stock Exchanges & SEs prolonged failure to
take penal action for non compliances by companies.
- Scanty information in public domain relating to CLB orders,
liquidation proceedings, schemes of compromise and reconstruction etc.
- Compulsory delisting by BSE of around 1000 companies leaving investors
in the lurch.
- Vacuum in regulation of companies listed on Regional SEs which have
become defunct. Investors left high and dry.
- Judicial:
- Non transparent process adopted by liquidators/committee for disposal
of assets and distribution of proceeds pursuant to Court directions.
- Legislative:
- No right available to shareholder / investor to demand compensation
from erring entities.
- No individual intimation to the stakeholders required for liquidation
and invitation of claims.
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9
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10
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11
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- Indian Securities Laws do not have any provision for awarding
- compensation to investors cheated or defrauded. Resultantly, Satyam
- investors cannot claim compensation though fraud was confessed by the
Doer!
- In an innovative and pioneering act, Midas- for the first time in India-
- Demanded compensation of Rs. 5000 crore on behalf of 3 lakh investors,
invoking Consumer Protection Act.
- National Commission rejected the petition without going into its merits.
- Appeal filed in Hon’ble Supreme Court.
- In another first, SEBI considered funding the legal proceedings
initiated by us.
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- Campaign launched for Satyam for filing of grievances & comments on www.mtia.in.
- An innovative interpretation of CP Act alleging:
- a. Unfair trade practices &
- b. Deficiency in services
- By Raju brothers, Price Waterhouse & Independent Directors.
- A first against promoters, statutory auditors and independent
- directors.
- National commission rejects the petition without going into its
- merits. Hearing was attended by Media persons & news
- flashed by electronic media, within hours & PTI tickers carry
- the news. Midas flooded with media phone calls and visits. Next
- day, leading financial paper criticizes the dismissal order in its
- editorial.
- Appeal against National commission order was filed before Hon’ble
Supreme Court of India.
- Hon’ble Supreme Court dismissed the appeal and treated it as withdrawn
with liberty to take other appropriate steps.
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- Satyam investors seek Rs 5000 cr. compensation over share crash 11 May
2009, 0622 hrs IST, Gireesh Chandra Prasad, ET Bureau
- No Country for small investors!-24 May 2009, 1011 hrs IST, Mythili
Bhusnurmath, ET Bureau
- Compensation claim: Satyam shareholders, watch very carefully (3rd
june2009)
- Satyam investors seek Rs 50 billion compensation over share crash
- (Monday, May 11, 2009 As of 8:29 AM (GMT +5:30 hours)
- Investors sue Raju, PW (May 11, 2009)
- No fraud protection (May 27 , 2009 By Olga Tellis)
- SC dismisses Midas Touch Investor Association plea (Aug 10, 2009)
- FE Editorial : Small investors’ big query "How to get compensated
for fraud"
- ( May 12, 2009)
- Midas to move SC over Satyam Compensation ( 21 may 2009)
- SC dismisses Midas Touch Investor
Association plea (Aug 10, 2009)
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- To the rescue of the retail investor (30th September 2007)
- Boot up for justice - An online grievance redressal portal vows justice
- “The new entity may well be a boon for individual investors to avoid
the bureaucracy in getting their grievance rectified” (15th
November 2006)
- Lloyds Finance Repays Investors
- “Big breakthrough by an investor group” (29th March 2007)
- Grievance redressal picks up pace (9th November 2006)
- Online Justice for all “ The establishment is a major
confidence-building measure for the tiny investor (25th
January 2007)
- Harried investors finally get a helpline in Midas Touch (Friday , Sep
01, 2006 at 0106 hrs IST)
- Govt. to outsource small investor woes “ The official pointed to
www.investorhelpline.in as the reason why they believe outsourcing is
the way to go.” (10th July 2007)
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- Compulsory delisting: At whose cost? 9th February 2008
- Do India's audit rules need to be overhauled? 4th February
2009
- BSE’s faulty act 4th June 2008
- Canara Bank to take Rs 1,000 crore hit and redeem Canstar at Rs 23per
unit. 10th September 1997
- Petition seeks attachment of assets of ‘Vanishing cos’ 23rd
February1999.
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Notes