sebi:AK/AO-172/2013
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Facts / Headnote
Proceedings against Late Mr. Ramesh Shah found infructuous due to death; matter cannot be proceeded with
Provisions invoked
- s. 15
Regulations
- Reg. 44
Parties
- Dr. Sunil Gupta
- Mr. Ramesh Shah (Late)
Holding
The adjudication proceedings against Late Mr. Ramesh Shah cannot be proceeded with as he passed away on 04.10.2013, making the matter infructuous.
Full text
APPOINTMENT OF ADJUDICATING OFFICER 2. The undersigned was appointed as Adjudicating Officer vide order dated 27.06.2013 under Section 15 I of SEBI Act read with Regulations 44 and 45 of Takeover Regulations and rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge under Section 15 H (ii) of the SEBI Act, the alleged violations of Takeover Regulations.
SHOW CAUSE NOTICE, HEARING AND REPLY 3. Show Cause Notice No. EAD‐6/AK/VRP/25821/2013 dated 09.10.2013 (hereinafter referred to as 'SCN') was issued to the Noticees under rule 4 of the Rules to show cause as to why an inquiry should not be held and penalty be not imposed under Section 15 H (ii) of SEBI Act for the alleged violation specified in the said SCN. The said SCN was delivered and acknowledged by the Noticees. Dr. Sunil Gupta one of the Noticee vide letter dated 07.12.2013 submitted its reply to the SCN for and on behalf of the Noticees. Dr. Sunil Gupta vide its reply dated 07.12.2013 informed that Mr. Ramesh Shah, one of the Noticees, holding 10 equity shares, had expired on 04.10.2013 and requested to remove his name from the present proceedings. The copy of the death certificate of Late Mr. Ramesh Shah was enclosed with the reply for perusal and records.
ORDER 4. After taking into consideration all the facts and circumstances of the case, and, reply of Dr. Sunial Gupta, one of the Noticees, I find that the matter in respect of Late Mr. Ramesh Shah initiated vide SCN Ref: No. EAD-6/AK/VRP/25821/2013 dated 09.10.2013 cannot be proceeded with as the Noticee has passed away on 04.10.2013 and, thus, the matter becomes infructuous and adjudication proceeding cannot be proceeded with.
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Source: SecMarx — sebi:AK/AO-172/2013. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.