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In the matter of Ladam Steels Ltd. Page 1 of 2

WTM/RKA/OIAE/ 109 /2014

BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA

ORDER

Under section 11B of the Securities and Exchange Board of India Act, 1992 in the matter of
Ladam Steels Ltd.

In respect of Ladam Steels Ltd., Mr. Sumesh B Aggarwal (Director) and Mr. Bharat
Bhushan Aggarwal (Director)

1. Ladam Steels Ltd. (hereinafter referred to as "Ladam" of the company) is a company
incorporated under the Companies Act, 1956 having its registered office at Ladam House, C-33,
Opp. ITI, Wagle Industrial Estate, Road No. 28, Thane (W) 400604. The shares of the company
are listed on Ahmedabad Stock Exchange, Bombay Stock Exchange Ltd. (BSE) and Delhi
Stock Exchange Limited (DSE).

2. SEBI vide circular no. CIR/OIAE/1/2012 dated August 13, 2012 directed all companies
whose securities are listed on stock exchanges to obtain SCORES authentication by September
14, 2012 and to take appropriate necessary steps within seven days of receipt of complaints by
the concerned company through SCORES, so as to resolve the complaint within 30 days of
receipt of complaint.

3. However, certain companies including Ladam did not obtain SCORES authentication within
the time period specified in the aforementioned circular. Therefore, a Public Notice was issued
on January 13, 2013, advising inter alia, the company to obtain SCORES authentication within
seven days from the date of the advertisement, failing which SEBI would be constrained to
initiate appropriate enforcement actions.

4. However, the company still failed to obtain SCORES authentications. It was also observed that
there were four investors' grievances pending against the company. Therefore, SEBI issued
Show Cause Notices (SCNs) dated March 28, 2013 and April 26, 2013 to the company and its
directors, respectively calling upon them to show cause as to why suitable directions including
the direction to restrain them from accessing the securities market for a specified period should
not be issued under section 11B of the SEBI Act.

5. In reply to the SCNs, the company vide its letters dated May 15, 2013 inter alia submitted that
the company had attended all the investors' grievances and all efforts were being made to
resolve the investors' grievances.
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In the matter of Ladam Steels Ltd. Page 2 of 2

6. Subsequently, the company has obtained SCORES authentication and has filed the Action
Taken Reports on SCORES for the pending investor grievances as referred in the SCNs. SEBI
has observed that all the investors' grievances were disposed of on August 21, 2014 and no
other investor grievances were pending on SCORES against the company.

7. Considering the facts and circumstances of the case, I am of the view that there is no need to
pass any direction under section 11B of the SEBI Act against Ladam
Steels Ltd. and its directors, as contemplated in the SCNs issued to them. However, they are
advised to take utmost care and be vigilant in future, in respect of redressal of investor
grievances. The SCNs are accordingly disposed of.




Date: September 22
nd
, 2014 RAJEEV KUMAR AGARWAL
Place: Mumbai WHOLE TIME MEMBER
SECURITIES AND EXCHANGE BOARD OF INDIA







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