sebi:AO/SBM/EAD-3/77/2017
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Facts / Headnote
Adjudication proceedings disposed of / cannot be proceeded with
Provisions invoked
- s. 15
- s. 19
- s. 279
- s. 446
Parties
- Gandhinagar Electronics Ltd (formerly Shaw Wallace Electronics Ltd)
Holding
The adjudication proceedings initiated against the Noticee (Shaw Wallace Electronics Ltd, now Gandhinagar Electronics Ltd) under sections 15A(a) and 15C of the SEBI Act cannot be proceeded with and are disposed of, as the company had been wound up before the proceedings were initiated and no leave of the Court was obtained.
Full text
Page 2 of 5 referred to as ‘SEBI Act’) for its alleged failure to redress the investor complaints and also its failure to file the ATR in SCORES.
Page 3 of 5 b) It was alleged that the Noticee had failed to redress 8 (eight) investor complaints and also failed to submit the ATR within the time specified by SEBI. It was alleged that the failure on the part of the Noticee to redress the investor complaints and its failure to submit the ATR , if proved, makes the Noticee liable for penalty under the provisions of sections 15A(a) and 15C of the SEBI Act respectively.
Page 4 of 5 with all powers”. Thus, in the instant matter, I observe that the Noticee has been wound up and the Hon’ble Bombay High Court has vide Order dated June 28, 2010 directed that Official Liquidator be appointed as Liquidator of the Noticee ( i.e. Gandhinagar Electronics Ltd and formerly known as Shaw Wallace Electronics Ltd). I further observe that the Noticee was wound up even before the initiation of Adjudication Proceedings against it. The adjudication proceedings were initiated by SEBI against the Noticee vide Order dated May 10, 2013. However, as already mentioned above, the Noticee was wound up and the Official Liquidator was appointed vide Hon’ble Bombay High Court Order dated June 28, 2010. In this context, it would be appropriate to refer to Section 446 of the Companies Act, 1956 (corresponding to section 279 of the Companies Act, 2013), which reads as under: “Section 446 of the Companies Act, 1956 When a winding up order has been made or the Official Liquidator has been appointed as provisional liquidator, no suit or other legal proceeding shall be commenced, or if pending at the date of the winding up order, shall be proceeded with, against the Company, except by leave of the Tribunal and subject to such terms as the Tribunal may impose” (b) The Bombay Stock Exchange (BSE) vide its email dated August 11, 2017 addressed to SEBI has mentioned that the Noticee i.e. Shaw Wallace Electronics Ltd was delisted from the stock exchange w.e.f May 29, 2017. It was fu
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Source: SecMarx — sebi:AO/SBM/EAD-3/77/2017. 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.