sebi:EAD-8/KS/AA/AO/226/2018-19
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Facts / Headnote
Adjudication proceedings disposed of without penalty - cannot be proceeded with
Provisions invoked
- s. 15
- s. 15H
- s. 279
- s. 446
- s. 391
Parties
- Paramount Printpackaging Limited
Holding
The adjudication proceedings initiated against Paramount Printpackaging Limited vide SCN dated August 07, 2018 cannot be proceeded with because the Noticee is under liquidation and no leave of the Court was obtained.
Full text
Page 2 of 9 directed above shall be completed by the companies within a period of three months from the date of this order and thereafter a report shall be submitted to SEBI by the companies in that regard. Further, within a period of six months from the date of this order, the companies shall take appropriate action, in cases where violations are observed, in accordance with the provisions of law and inform SEBI accordingly.
Page 3 of 9 show-cause as to why an inquiry should not be initiated against the Noticee and why penalty should not be imposed upon it under Section 15HB of the SEBI Act for its alleged failure to comply with the directions issued by Whole Time Member of SEBI vide order dated March 22, 2016.
Page 4 of 9 However, the said reminder cum hearing notice returned undelivered and the same could not be affixed at the last known address of the Noticee. In view of the same, a newspaper publication was made on December 04, 2018 intimating the Noticee that it had been granted an opportunity of hearing in the matter on December 19, 2018. Subsequently, a letter dated December 14, 2018 was received from the Shri Dharmesh Sukhadia, who was a director of the Noticee. In the said letter, Shri Dharmesh Sukhadia inter alia requested for a copy of the SCN and requested for adjourning the hearing scheduled on December 19, 2018.
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Source: SecMarx — sebi:EAD-8/KS/AA/AO/226/2018-19. 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.