An Ombudsman has issued an award in a complaint proceeding to your Company. Aggrieved by the award of Ombudsman, directors of your company have decided to file petition before the SEBI. As a company secretary, advise the

SEBI (Ombudsman) Regulations, 2003 provides that in case the matter is not resolved by mutually acceptable agreement within a period of one month of the receipt of the complaint or such extended period as may be permitted by the Ombudsman, he may, based upon the material placed before him and after giving opportunity of being heard to the parties, give his award in writing or pass any other directions or orders as he may consider appropriate. Such award shall be made within a period of three months from the date of the filing of the complaint. The Ombudsman should send his award to the parties to the adjudication to perform their obligations under the award. An award given by the Ombudsman shall be final and binding on the parties and persons claiming under them respectively. Any party aggrieved by the award on adjudication may file a petition before SEBI within one month from the receipt of the award or corrected award setting out the grounds for review of the award. The SEBI may review the award if there is substantial mis-carriage of justice, or there is an error apparent on the face of the award. Where a petition for review of the award, such petition shall not be entertained by the SEBI unless the party filing the petition has deposited with SEBI seventy-five percent of the amount mentioned in the award. The SEBI may review the award and pass such order as it may deem appropriate, within a period of forty five days of the filing of the petition for review.