To All Trading Members of the Exchange,
1. The Trading Members of the Exchange are hereby informed that the Exchange has declared Sunchan Securities Ltd (Clg No.977), a corporate Trading Member of the Exchange, a Defaulter, with effect from Saturday, 11th July, 2009 under the Rules, Bye-laws and Regulations of the Exchange, on account of its failure to deposit the awarded amounts with the Exchange in respect of Arbitration Awards passed against it and thereby its inability to discharge its obligations and liabilities towards the said Arbitration Awards.
2. The Exchange has also expelled Sunchan Securities Ltd., from the trading membership as provided under the Rules, Bye-laws & Regulations of the Exchange, with effect from Saturday, 11th July, 2009, to comply with the requirements specified vide Circular No. F.No.1/26/SE/91 dated 12th August, 1991 issued by the Ministry of Finance (Department of Economic Affairs), Government of India and the Circular No. SMD/Policy/Cir-24/97 dated 26th September, 1997 issued by the Securities and Exchange Board of India (SEBI) in that respect; as the National Stock Exchange of India Limited (NSE), vide its Circular No.677, Ref. No. NSE/MEM/12415 dated 18th May, 2009 expelled Sunchan Securities Limited with effect from 18th May, 2009.
3. The Trading Members / investors who have any outstanding claims against Sunchan Securities Ltd (Clearing No.977), are advised to file arbitration reference/s with the Exchange, if they so desire, by 27th January, 2010; after which no claim shall be entertained by the Exchange.
4. The Trading Members / investors who have already obtained in their favour, Arbitration Awards which have not been complied with so far, are advised to submit to the Exchange, their claims with Arbitration Awards on or before 27th January, 2010, after which no such Award shall be entertained by the Exchange.
5. In case of objections, if any, arising in future against Sunchan Securities Limited, for the shares received by the trading members / investors under objections, they are advised to settle their claims through arbitration mechanism at the Exchange and file Awards, if they are in their favour, as well as the relevant original Share Certificates and Transfer Deeds, with the Exchange within six months from the date of Objection Memos of the company (which returned the shares under objection). Claims which are not submitted in the manner and / or within the stipulated period as stated in this para, shall not be entertained by the Exchange.
Sanjiv Kapur Arun K. Dolas
General Manager Dy. General Manager,
Department of Investor Services Department of Investor Services |