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In the matter of SCORES Adjudications - Adjudication Order No.: SM/AO–11/2014 dated August 12, 2014
Adjudication Order in the matter ofTyroon Tea Company Limited. Page 1 of 4
BEFORE THE ADJUDICATING OFFICER
SECURITIES AND EXCHANGE BOARD OF INDIA
[ADJUDICATION ORDER NO.SM/AO–11/2014]

UNDER SECTION 15-I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT,
1992 READ WITH RULE 5 OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND
IMPOSING PENALTIES BY ADJUDICATING OFFICER) RULES, 1995.
In respect of
Tyroon Tea Company Limited
(PAN AABCT6058R)
In the matter of SCORES

FACTS OF THE CASE IN BRIEF
1. Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) had issued
Circular No. CIR/OIAE/2/2011 dated June 03, 2011 regarding commencement of
SEBI Complaints Redress System (SCORES) and advising all companies, whose
securities are listed on various stock exchanges, to comply with the provisions of the
said circular. Subsequently, vide Circular No. CIR/OIAE/1/2012 dated August 13,
2012, SEBI once again advised all companies, whose securities were listed on stock
exchanges, to obtain SCORES authentication by September 14, 2012 failing which
SEBI would be constrained to initiate action against them.

2. It was observed by SEBI that certain companies including M/s Tyroon Tea Company
Limited (hereinafter referred to as 'Noticee') had failed to obtain SCORES
authentication within the timeline stipulated under the aforementioned Circular No.
CIR/OIAE/1/2012 dated August 13, 2012. Thereafter SEBI,through an advertisement
in the newspapersdated October 20, 2012, advised these companies to get SCORES
authentication within 7 days. However, it was noted by SEBI that the Noticee failed to
obtain SCORES authentication even then.

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In the matter of SCORES Adjudications - Adjudication Order No.: SM/AO–11/2014 dated August 12, 2014
Adjudication Order in the matter ofTyroon Tea Company Limited. Page 2 of 4
3. Based on the aforesaid observations, it was alleged that by failing to obtain SCORES
authentication, the Noticee has violated the aforesaid SEBI Circular No.
CIR/OIAE/1/2012 dated August 13, 2012. The alleged violation, if established, makes
the Noticee liable for monetary penalty under section 15 HB of the Securities and
Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’).

APPOINTMENT OF ADJUDICATING OFFICER

4. The undersigned was appointed as Adjudicating Officer under section 15-I of SEBI
Act and rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by
Adjudicating Officer) Rules, 1995 (hereinafter referred to as “Rules”) to enquire into
and adjudicate under section 15HB of SEBI Act for the alleged violation by the
Noticee.

SHOW CAUSE NOTICE AND REPLY

5. Show Cause Notice No. SEBI/ERO/SM/ADJ/7093/2013dated March 22, 2013 (herein
after referred to as “SCN”) was issued to the Noticee under rule 4 of the Rules to
show cause as to why an inquiry be not held against them in terms of rule 4 of the
Rules read with section 15-I of SEBI Act and penalty be not imposed under section
15HB of SEBI Act for the violations alleged to have been committed by the Noticee.
The copies of the documents relied upon in the SCN were provided to the Noticee
along with the SCN.

6. The Noticeesubmitted their reply to the SCN vide letters dated April 13, 2013 and
April 22, 2013. Thereafter, the Noticee was granted an opportunity of personal
hearing on August 06, 2013. Shri A. Murarka and Shri K. C. Mishra, the Authorized
Representatives (AR) of the Noticee appeared for the hearing, and made submissions
on behalf of the Noticee, reiterating their earlier written submissions.

7. The submissions made by the Noticeeare summarized below:
On June 21, 2011, the Noticee had received intimation from the Bombay Stock
Exchange (BSE) regarding commencement of SCORES in terms of SEBI
Circular No. CIR/OIAE/2/2011 dated June 3, 2011.
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In the matter of SCORES Adjudications - Adjudication Order No.: SM/AO–11/2014 dated August 12, 2014
Adjudication Order in the matter ofTyroon Tea Company Limited. Page 3 of 4
The Noticee had sent the requisite data for SCORES authentication vide email
dated June 23, 2011 to SEBI at the designated email id scores@sebi.gov.in
and also intimated the BSE on the same day.
When theNoticee saw the SEBI advertisement dated October 20, 2012, the
Noticee had once again sent the details and documents of their earlier
application, dated June 23, 2011, to SEBI and BSE.
After several communications with the BSE, the Noticee had been given
SCORES authentication on February 12, 2013. They have also submitted that
no investor complaint is pending against them.

CONSIDERATION OF ISSUES AND FINDINGS

8. I have examined the SCN, the submissions of the Noticee and otherinformation and
documents available on record.

9. The issues that arise for consideration in the present case are :
a) Whether the Noticee by failing to obtain SCORES authentication has failed to
comply with SEBI circular No. CIR/OIAE/1/2012 dated August 13, 2012?
b) Does the violation, if any, on the part of the Noticee attract monetary penalty
under Section 15 HB of SEBI Act?
c) If so, what would be the monetary penalty that can be imposed taking into
consideration the factors mentioned in Section 15J of SEBI Act?

10. In the instant case, it is observed from the material available on record that on being
intimated by BSE about SCORES,the Noticee had sent the requisite information to
SEBI vide email dated June 23, 2011,in compliance with the aforesaid SEBI Circular
of 2011. However, the Noticee did not receive any acknowledgement from SEBI in the
matter. After SEBI published the list of non-compliant companies (which also included
the Noticee) in newspapers on October 20, 2012, the Noticee once again sent the
aforesaid details to SEBI on October 20, 2012. The Noticee received the SCORES
authentication on February 12, 2013.

11. In view of the foregoing,I am of theview that since the Noticeehad initially furnished
the requisite details to SEBI within the stipulated time, the Noticee has complied with
the statutory requirements. I, therefore, absolve the Noticee of the charges as alleged
above.

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In the matter of SCORES Adjudications - Adjudication Order No.: SM/AO–11/2014 dated August 12, 2014
Adjudication Order in the matter ofTyroon Tea Company Limited. Page 4 of 4
12. The proceedings are accordingly disposed off.

ORDER

13. After taking into consideration all the facts and circumstances of the case and material
available on record, the case is disposed off.

14. In terms of Rule 6 of the Rules, copy of this order is sent to the Noticee also to the
Securities and Exchange Board of India.



Date:August 12, 2014 SOMA MAJUMDER
Place: Kolkata ADJUDICATING OFFICER


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