sebi:EAD-12/AO/SM/EE/39/2017-18
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Facts / Headnote
Adjudication proceedings disposed of as not maintainable
Provisions invoked
- s. 15
- s. 15J
- s. 15C
- s. 279
- s. 446
- s. 391
Parties
- M/s Asian Electronics Ltd
Holding
The Adjudication proceedings initiated against the Noticee vide SCN dated May 31, 2016 are not maintainable and are disposed of accordingly, as the Noticee company is under liquidation and no leave of the Court has been obtained as required under Section 446 of the Companies Act, 1956.
Full text
Adjudication Order in the matter of M/s Asian Electronics Ltd Page 2 of 5 concerned investor should also be uploaded in SCORES and preserved by the listed company / SEBI registered intermediary, for future reference.
Adjudication Order in the matter of M/s Asian Electronics Ltd Page 3 of 5 SHOW CAUSE NOTICE: 7. A Show Cause Notice no. EAD/PJ/JAK/15466/2016 dated May 31, 2016 (hereinafter referred to as “SCN”) was issued to the Noticee under Rule 4 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as “Rules”) to show cause as why an inquiry be not held against it in terms of Rule 4 of the Rules read with Section 15-I of SEBI Act and penalty be not imposed under Section 15C of SEBI Act for the violation alleged to have been committed by the Noticee.
Adjudication Order in the matter of M/s Asian Electronics Ltd Page 4 of 5 12. In order to examine the maintainability of the present Adjudication proceedings against Noticee, it will be appropriate to refer to Section 446 of the Companies Act, 1956 (corresponding to Section 279 of the Companies Act, 2013) which are reproduced as under:
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Source: SecMarx — sebi:EAD-12/AO/SM/EE/39/2017-18. 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.