sebi:Order/BS/LD/2023-24/26928
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Facts / Headnote
Abated - adjudication proceedings abated due to death of Noticee; SCN disposed of without going into merits
Provisions invoked
- s. 15H
- s. 15
Regulations
- Reg. 3(a)
- Reg. 26
Parties
- Ms. Saroj Devi Maskara
Holding
The adjudication proceedings against Ms. Saroj Devi Maskara abate on account of her death on 08/09/2017, and the SCN against her is disposed of without going into the merits of the case.
Full text
Page 2 of 4 the tune of 826.21 crore units or 54.68% of the total market volume in Stock Options segment of BSE during the IP.
Page 3 of 4 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 Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as “Rules”) to inquire and adjudge under section 15HA of SEBI Act. Thereafter, vide order dated March 17, 2023, the matter was transferred to Shri Sahil Malik Chief General Manager. On transfer of Shri Malik, the matter was subsequently transferred to me vide communique dated April 21, 2023.
Page 4 of 4 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 maximactio personalis moritur cum persona (personal action dies with the death of the person) would apply. It is also relevant to refer to the decision of Hon’ble SAT in Chandravadan J. Dalal vs. SEBI (Appeal No. 35/2004 decided on June 15, 2005) wherein it was held that: “The appeal abates since the appellant during the pendency of the appeal died on 29th November 2004. The appeal accordingly abates. The penalty imposed on the original appellant being personal in nature also abates.
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Source: SecMarx — sebi:Order/BS/LD/2023-24/26928. 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.