sebi:EAD-2/DSR/VS/855/2017
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Facts / Headnote
Adjudication proceedings initiated against the noticee are not maintainable; matter disposed of.
Provisions invoked
- s. 15
- s. 15H
- s. 279
- s. 446
Parties
- Parasrampuria Industries Ltd.
Holding
The Adjudication proceedings initiated against the Noticee, Parasrampuria Industries Ltd., vide SCN dated April 17, 2017, are not maintainable as the Noticee is under liquidation and the leave of the National Company Law Tribunal has not been obtained.
Full text
______________________________________________________________________________________ Page 2 of 5 penalty under Sections15 HB of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’).
______________________________________________________________________________________ Page 3 of 5 c) As per the findings of the afore mentioned order, I note that the noticee had been ordered to be wound up and the Official Liquidator attached to the Hon'ble High Court, Bombay was appointed as Provisional Liquidator vide order dated June 8, 2010.
______________________________________________________________________________________ Page 4 of 5 facilitate the protection and realization of its assets with a view to ensure an equitable distribution thereof among those entitled and to prevent the administration from being embarrassed by a general scramble among creditors and others. Consequently, once the court has taken the assets of a company under its control or has passed an
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Source: SecMarx — sebi:EAD-2/DSR/VS/855/2017. 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.