sebi:AO/SBM/EAD/74/2017
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Facts / Headnote
Disposed of; adjudication proceedings cannot be proceeded with
Provisions invoked
- s. 15A
- s. 15
- s. 15C
- s. 18
Parties
- Sagar Real Estate Developers Limited
Holding
The adjudication proceedings initiated against the Noticee under sections 15C and 15A(a) of the SEBI Act cannot be proceeded with and the matter is disposed of. The Noticee was not in existence as a listed company after its merger with SLMMIL in 1995, so SCORES circulars and section 15C do not apply.
Full text
Page 2 of 5 Rules’) to inquire into and adjudge under the provisions of section 15A(a) and Section 15C of the SEBI Act for the alleged failure on the part of the Noticee to redress the pending investor complaints received against it in SCORES and also its failure to upload the ATR in SCORES. Pursuant to the transfer of Shri D. Ravikumar, the undersigned was appointed as the Adjudicating officer in the matter, vide order dated June 22, 2015. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING:
Page 3 of 5 also affixed on the last known address of the Noticee and the affixture report, in terms of the adjudication rules, is on record. CONSIDERATION OF ISSUES AND FINDINGS:
Page 4 of 5 reverse merger of Sagar Real Estate Developers Limited with SLM Maneklal Industries was approved in the said meeting. However, no further communication is available from the company in the Exchange records in this regard…. It may be noted that Sagar Real Estate Developers Limited and SLM Maneklal Industries Ltd are not listed on the Exchange”. (d) Further, the EGM Notice dated November 29, 1994, which was enclosed by the BSE along with its email has mentioned that “……….. the proposed Scheme of reverse merger of Sagar Real Estate Developers Limited with SLM Maneklal Industries Limited as prepared and circulated by the Board for Industrial and Financial Reconstruction ( BIFR) under the provisions of Sick Industrial Companies ( Special Provisions ) Act, 1985, the Scheme of reverse merger of Sagar Real Estate Developers Limited with SLM Maneklal Industries Limited be and is hereby approved together with the exchange ratio of the shares of Sagar Real Estate Developers Ltd, for SLM Maneklal Industries Ltd, as is mentioned in the Scheme of BIFR, any fractional entitlement/s to be ignored and the Board of Directors of the Company be and is hereby authorized to agree to the same or any modifications/change therein including fractional entitlement/s and the Board of Directors be and is hereby further authorized to accept and give effect to the same subject to such alterations and modifications, if any, as may be suggested or required by BIFR or the company at the time of fi
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Source: SecMarx — sebi:AO/SBM/EAD/74/2017. 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.