sebi:Order/GR/KG/2020-21/10450-10451

SEBI · SEBI · 2014-05-09 · G. Ramar, Adjudicating Officer

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Facts / Headnote

Adjudication proceedings disposed of without proceeding on merits

Provisions invoked

• s. 15
• s. 19
• s. 15H
• s. 279
• s. 446
• s. 391

Parties

• Varun Resources Limited
• Varun Corporation Limited

Holding

Adjudication proceedings initiated against the Noticees vide SCN dated January 19, 2021 cannot be proceeded with as the Noticees are under liquidation and no leave of the Tribunal was obtained, and the matter is disposed of.

Full text

Adjudication Order in respect of Varun Resources Limited and Varun Corporation Limited Page 2 of 7 order dated May 9, 2014 and various other acts which have allegedly led to the contravention of various provisions of the relevant SEBI Circular by fourteen entities.

Adjudication Order in respect of Varun Resources Limited and Varun Corporation Limited Page 3 of 7 by it. Copies of the said SCN were also sent to the entities at their email addresses as available on record.

Adjudication Order in respect of Varun Resources Limited and Varun Corporation Limited Page 4 of 7 (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 order, shall be proceeded with, against the company, except by leave of the Court and subject to such terms as the Court may impose. (2) The court which is winding up the company shall, notwithstanding anything contained in any other law for the time being in force, have jurisdiction to entertain, or dispose of - (a) any suit or proceeding by or against the company ; (b) any claim made by or against the company (including claims by or against any of its branches in India) ; (c) any application made under section 391 by or in respect of the company ; (d) any question of priorities or any other question whatsoever, whether of law or fact, which may relate to or arise in course of the winding up of the company; whether such suit or proceeding has been instituted or is instituted, or such claim or question has arisen or arises or such application has been made or is made before or after the order for the winding up of the company, or before or after the commencement of the Companies (Amendment) Act, 1960. (3) Any suit or proceeding by or against the company which is pending in any Court other than that in which the winding up of the company is proceeding may, notwithstandin

Source: SecMarx — sebi:Order/GR/KG/2020-21/10450-10451. 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.