Ministry of Corporate Affairs initiated action against 78 companies in FY'13 on complaints

NEW DELHI: The Ministry of Corporate Affairs initiated action against 78 companies in 2012-13 with regard to investors' complaints against them, Parliament was informed today.

The Ministry had initiated such action against 39 companies in 2011-12 and another 49 in 2010-11, Minister of Corporate Affairs (MCA) Sachin Pilot said in a written reply to Rajya Sabha.

He said capital market regulator Sebi takes up cases of non-payment of dividend/interest on securities listed on the stock exchanges.

In case a company fails to pay dividend, it faces action under sections of Sebi Act, Pilot said.

During the last fiscal, Sebi took action in four cases against various companies for non-redressal of investors' grievances, he said.

In addition, the government has taken several measures for awareness and protection of small investors, he said.

Besides, MCA and Sebi have also provided facilities to lodge investors' complaints in the form of an electronic platform, the Minister added.