sebi:ORDER/NH/KL/2022-23/25356
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Facts / Headnote
Abated - adjudication proceedings abated and SCN dated January 27, 2022 disposed of without going into merits
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15I
- s. 248
- s. 560
Regulations
- Reg. 3(a)
- Reg. 26
Parties
- Aerrolink Ventures Private Limited
Holding
The adjudication proceedings against Aerrolink Ventures Private Limited initiated vide SCN dated January 27, 2022 are liable to be abated and the SCN stands disposed of without adjudication on merits because the Noticee stands struck-off and dissolved with effect from February 03, 2022.
Full text
Adjudication in respect of Aerrolink Ventures Private Limited Page 2 of 5 genuine in nature and created false or misleading appearance of trading in terms of artificial volumes in stock options and therefore were alleged to be manipulative, deceptive in nature. In view of the same, it is alleged that the Noticee violated the provisions of Regulations 3(a), (b), (c), (d), 4(1) and 4 (2) (a) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’). Therefore, SEBI initiated adjudication proceedings against the Noticee.
Adjudication in respect of Aerrolink Ventures Private Limited Page 3 of 5 Noticee. Thereafter, vide post-SCN notice ref no SEBI/EAD2/NH/KL/2022/41390 dated August 10, 2022, the Noticee was informed about the SEBI Settlement Scheme 2022, commenced in terms of Regulation 26 of the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 in the instant matter of Illiquid Stock Options. Further, in case, the Noticee do not wish to avail the facility under the SEBI Settlement Scheme, 2022, the Noticee was advised to file a reply to the SCN within 30 days of the receipt of the SCN.
Adjudication in respect of Aerrolink Ventures Private Limited Page 4 of 5 company and the Certificate of Incorporation issued to it shall be deemed to have been cancelled from such date except for the purpose of realising the amount due to the company and for the payment or discharge of the liabilities or obligations of the company
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Source: SecMarx — sebi:ORDER/NH/KL/2022-23/25356. 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.