sebi:ORDER/VS/CM/2019-20/5434
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Facts / Headnote
Adjudication proceedings initiated vide order dated August 08, 2019 and SCN dated October 18, 2019 held infructuous and cannot be proceeded with; matter disposed of.
Provisions invoked
- s. 279
- s. 446
- s. 33(5)
- s. 391
- s. 33
- s. 34(2)
Regulations
- Reg. 12
Parties
- ABG Shipyard Limited
Holding
The adjudication proceedings initiated against ABG Shipyard Limited vide order dated August 08, 2019 and SCN dated October 18, 2019 are infructuous and cannot be proceeded with. The matter is accordingly disposed of.
Full text
In respect of ABG Shipyard Limited Page 2 of 4 for the violations alleged to have been committed by the Noticee. However, the SCN was returned with the remark “refused”. In view of the above, since the equity shares of the Noticee are listed on BSE and NSE, the websites of both the Stock Exchanges were perused to examine the disclosures made by the Noticee.
In respect of ABG Shipyard Limited Page 3 of 4 Section 446 of the Companies Act, 1956 Suits stayed on winding up order. (1) When a winding up order has been made or the Official Liquidator has been appointed as provisional liquidator, no suit or other legal proceeding shall be commenced, or if pending at the date of the winding up
In respect of ABG Shipyard Limited Page 4 of 4 continue or be instituted against the company without the permission of the court. It is further clear that jurisdiction to entertain or dispose of any suit or proceeding by or against the company is vested in the company court without any kind of restriction……………. The expression "any suit or proceeding by or against the company" is wide enough to bring within its sweep any kind of suits.”
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Source: SecMarx — sebi:ORDER/VS/CM/2019-20/5434. 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.