sebi:AK/AO-31/2016
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Adjudication proceedings against late Mr. N Mahalingam abated; matter disposed of without going into merits
Provisions invoked
- s. 15
- s. 19
- s. 15H
Regulations
- Reg. 14(1)
- Reg. 44
- Reg. 11(2)
Holding
The adjudication proceedings against late Mr. N Mahalingam are liable to be abated since he passed away on October 02, 2014, before the Show Cause Notice dated October 08, 2014 could be proceeded against him.
Full text
__________________________________________________________________________________ Adjudication order in the matter of M/s. Sakthi Finance Ltd. Page 2 of 3
__________________________________________________________________________________ Adjudication order in the matter of M/s. Sakthi Finance Ltd. Page 3 of 3
3. Similarly, it was also observed that M/s. Sakthi Financial Services Ltd. along with persons acting in concert (PACs) namely M/s ABT Finance Limited, Dr. N Manickam, Mr. M Balasubramaniam, Mr. M Srinivaasan, Mr. A Shanmugasundaram, late Mr. N Mahalingam, Mr. M. Mariammal, Mr. Karunambal Vanavarayar, M/s. ABT Ltd., M/s. ABT Industries Ltd., M/s. Sakthi Financial Services Cochin Pvt. Ltd., M/s. Sakthi Logistic Services Ltd (Now known as M/s. Shakti Finance Holdings Limited.), M/s. Sakthi Sugars Ltd., M/s. Sri Chamundeswari Sugars Ltd., M/s. Sri Sakhti Textiles Ltd. and M/s. Gounder & Company Auto Ltd. (hereinafter referred to as ‘PAC Group-II’), had also failed to comply with provision of Regulation 11(2) read with Regulation 14(1) of SEBI Takeover Regulations due to acquisition of 1,750 shares on December 21, 2009 representing 0.006% of the shareholding.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:AK/AO-31/2016. 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.