sebi:AO/SBM-ASR/EAD-3/26/2016
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Facts / Headnote
Proceedings disposed of; alleged violation not established
Provisions invoked
- s. 15
Parties
- Datar Switchgear Ltd
Holding
The alleged violations of Sections 15A(a) and 15C of the SEBI Act by Datar Switchgear Ltd were not established because the Noticee had ceased to exist as a legal entity following the BIFR-sanctioned amalgamation and demerger scheme, and was dissolved without winding up effective October 3, 2006.
Full text
Page 2 of 7 2. As per the information submitted by the concerned department of SEBI, the pending complaint against the Noticee was filed by Shri Bharat R. Oza (hereinafter referred to as ‘complainant’) and the same was received by SEBI on April 19, 2010. The nature of complaint furnished by the concerned department was regarding non-receipt of dividend/warrants from the company.
Page 3 of 7 b. Since the Noticee had failed to take necessary steps to redress the complaint, SEBI sent another letter dated February 15, 2013 to the Noticee with instructions issued to the Noticee to redress the complaint pending against it and submit the ATR for the corresponding complaint. c. It was alleged that Noticee had failed to adhere to the instructions issued to it vide the aforementioned letters of SEBI. It was further alleged that as on the date of initiation of the present proceedings, one complaint was pending to be resolved by the Noticee and no ATR was filed by the Noticee in this regard. Thus, it was alleged that the Noticee had failed to redress the complaint pending against it, failed to submit the ATR, failed to furnish the authentication details for SCORES authentication and also failed to respond to the SEBI letters dated January 11, 2013 and February 15, 2013. d. The details of the complaint received from the complainant along with other details were forwarded to the Noticee along with the SCN. Further, it was alleged that the Noticee had failed to activate the SCORES authentication, which has resulted in the non-compliance with the provisions of the SEBI Circular No. CIR/OIAE/2/2012 dated August 13, 2012 by the Noticee.
Page 4 of 7 a. The Noticee is no more in existence as vide order dated December 05, 2006 of BIFR; Noticee was dissolved without winding up. A copy of the aforesaid
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Source: SecMarx — sebi:AO/SBM-ASR/EAD-3/26/2016. 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.