sebi:EAD-6/AO/PM/NK/018/2019-20

SEBI · SEBI · 2019-05-09 · Prasanta Mahapatra, Adjudicating Officer

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Facts / Headnote

Abated

Provisions invoked

• s. 15A
• s. 15I

Regulations

• Reg. 30(3)
• Reg. 30(2)

Parties

• Late Dr. P. L. Tiwari

Holding

The adjudication proceedings initiated against Late Dr. P. L. Tiwari vide SCN No. EAD-6/AO/PM/NK/ALSL/11719/1/2019 dated May 9, 2019 are abated and disposed of without going into the merits of the case due to the death of the Noticee.

Full text

APPOINTMENT OF ADJUDICATING OFFICER 2. The undersigned was appointed as the Adjudicating Officer under section 15I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudication Rules’) to inquire into and adjudge under Section 15A (b) of the Securities And Exchange Board of India (SEBI) Act-1992 for the violation of the provisions of Regulation 30(2) read with Regulation 30(3) of the SEBI (Substantial Acquisitions of Shares and Takeover) Regulations, 2011 (hereinafter referred to as SEBI (SAST) Regulations, 2011).

actions, i.e. the actions where the relief sought is personal to the deceased, the right to sue will not survive to or against the representatives, and in such cases the maxim “actio personalis moritur cum persona” (personal action dies with the death of the person) would apply. I find that the said view was subsequently followed by SEBI in a number of matters, wherein the Adjudication Proceedings against the Noticees were abated.

SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 3. A Show Cause Notice no. EAD-6/AO/PM/NK/ALSL/11719/1/2019 dated May 9, 2019 (hereinafter referred to as “SCN”) was issued to the Noticee under Rule 4 of the Adjudication Rules to show cause as to why an inquiry should not be initiated and

Source: SecMarx — sebi:EAD-6/AO/PM/NK/018/2019-20. 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.