The decision follows the group's failure to respond to several notices issued to it for non-redressal of investor grievances which comprise non-receipt of amount of debenture redemption, non-receipt of interest on debentures and non-receipt of dividend by some of the group companies.The group is also understood to be low on adhering to the listing agreement including non-payment of listing fee by four group companies for the past two years.

DSE executive director SS Sodhi told The Financial Express that the group companies as well as directors on its board have not responded to several noticesissued by the exchange and have a large number of pending investor complaints.

DSE will now serve notices to the directors who were on the board of the group companies when public issues were floated. DSE believes that these directors should also be held responsible as names of well-known people being on the board of companies plays a key role in success of public issues."If they do not respond now, the exchange may serve winding up notices against the companies and follow it up with Sebi if needed", Sodhi said.The Onida group had raised over Rs 70 crore from the public in the form of equity as well as debentures. The group is promoted by Sonu Mirchandani and Gulu Mirchandani.

Onida Savak had raised Rs 15 crore through NCDs, while Onida Finance raised Rs 5.07 crore, Mirc Electronics Rs 5.10 crore, Monica Electronics Rs 6.50 crore and Onida Saka Rs 1.08 crore.

At the time of floating public issues, the company had announced several well-known names to be on its board. However, the board composition haschanged over the years with not only the size being drastically reduced but also the well known names opting out of the board, said industry sources.In some cases, even the promoters are believed to have withdrawn from the board of some companies while retaining a substantial chunk of shareholding in the company. Some of the companies have also changed their registered office.