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Tuesday, October 07 1997

Transfer woes top list of plaints against companies

Our Market Bureau

Mumbai, Oct 6: The Bombay Stock Exchange has received 4,164 investor complaints against 1,189 companies listed on the exchange in the month of September. During the same period, the exchange resolved about 6,681 complaints.

Of the 4,000-odd complaints lodged with the exchange, more than 50 per cent (2,074) have been filed on account of non-receipt of share or debenture certificates which were sent for transfer, endorsement or conversion.

Some of the complaints have been filed for non-receipt of bonus shares.

About, 1,136 complaints have been lodged against companies for non-receipt of dividend or interest money. Another 810 complaints have been lodged on the basis of non-receipt of annual reports and rights forms.

Of the top 20 companies (which accounted for 24.42 per cent of the total complaints received during the month) ranked by the number of complaints received and the cumulative number of complaints pending against them in September, Pentafour Products accounted for the highest number of such complaints.

During the month of September, about 166 complaints have been lodged against Pentafour Products, with the aggregate figure touching a high of 544. Boss Technologies accounted for 141 complaints and Vatsa Corporation, 483 complaints.

Among the pivotals, 311 complaints were lodged against Reliance, of which 63 were filed during the month of September. Investor complaints against Reliance Petroleum have touched a high of 281 of which 113 were added in September.

Investors lodged 26 complaints against UTI Mastergain in September, taking the total number of complaints against it to 161.

Some of the other companies which account for nearly 20 per cent of the total complaints lodged include NEPC India (751 complaints on a cumulative basis), Hanil Era Textiles (791), Padmini Polymers (178), Motorol (I) (447), Mahadev Corporation (339), Thapar Milk Products (240) and Western India (311).

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