sebi:AO/SM-LS/ERO/29/2016
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Facts / Headnote
Penalty imposed on Noticee for failure to obtain SCORES authentication
Provisions invoked
- s. 15
- s. 15H
- s. 3(1)
- s. 15J
- s. 20(1)
Parties
- Calcutta Mfg. Co. Ltd.
Holding
The Noticee, a listed company, was held liable for failing to obtain SCORES authentication as required by SEBI circulars and directions, and a penalty of Rs. 1,50,000 was imposed under Section 15HB of the SEBI Act.
Full text
Page 2 of 7 1995 (hereinafter referred to as “Rules”) to enquire into and adjudge under section 15HB of SEBI Act for the alleged violation of SEBI circular by the Noticee. Pursuant to the transfer of Shri S V Krishanmohan, the undersigned was appointed as Adjudicating Officer vide Order dated June 22, 2015.
Page 3 of 7 a. There are no investor grievances against the Company. b. The Company is a sick Company duly registered with the Board of Industrial & Financial Reconstruction (BIFR) for revival & rehabilitation of the Company as case no. 172/88 under Sick Industrial companies (Special Provision) Act, 1985. c. When the company was unable to revive itself with its operation alongwith contributions from promoters, Hon’ble BIFR vide its order dated 02.03.2000 confirmed its prima facie opinion that sick industrial company viz. Calcutta Mfg. Co. Ltd. was not likely to make its net worth exceed the accumulated losses within a reasonable time while meeting of its financial obligations and that a result thereof it was not likely to become viable in future and it was just equitable and in the public interest the company was wound up under Section 20(1) of SICA. The Bench directed that this opinion might be forwarded to the concerned High Court along with copies of all earlier orders / proceedings for necessary orders according to law. The copy of aforesaid order is attached herewith. d. Thereafter, with the effort of (a) State Government of West Bengal, (b) Company’s employees and workers union, (c) Financial Institutions & Bankers namely IIBI & SBI, (d) operating agency (IIBI) appointed by BIFR, a suitable revival scheme was made to save the company from liquidation order. As such on 17th January 2002, the Hon’ble High Court of Kolkata gave its consent for the fresh rehabilitation sche
Page 4 of 7 CONSIDERATION OF ISSUES AND FINDINGS 9. I have examined the SCN, the reply and the submissions of the Noticee, and other information and documents available on record.
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Source: SecMarx — sebi:AO/SM-LS/ERO/29/2016. 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.