sebi:Order/KS/VC/2020-21/8675
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Facts / Headnote
SCN disposed of with no penalty; proceedings dropped as Noticee had ceased to exist
Provisions invoked
- s. 15
- s. 15H
- s. 20(2)
Parties
- Goldcrest Jute Fibre Ltd.
Holding
The show cause notice dated February 26, 2016 against Goldcrest Jute Fibre Ltd. for failure to obtain SCORES user ID and password is disposed of without penalty because the Noticee had ceased to exist upon amalgamation and dissolution without winding up under the Calcutta High Court order dated July 08, 2005, so the 2013 SCORES circular was not applicable to it.
Full text
Page 2 of 7 imposition of penalty under Section 15HB of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "SEBI Act"). APPOINTMENT OF ADJUDICATING OFFICER
Page 3 of 7 5. Upon transfer of the proceedings to me, an attempt was made to deliver the SCN to the Noticee by way of publication in newspapers in August 10, 2020 editions of Times of India and Rajasthan Patrika. Upon publication of the SCN, an Email dated August 14, 2020 was received from M/s Exhibitors Syndicate Limited (hereinafter referred to as ‘ESL’/‘transferee company’) stating that “The company has already been amalgamated with M/s Exhibitors Syndicate Limited vide order dated 08/07/2005 passed by Hon’ble High Court at Calcutta”. Enclosing a copy of this order, the noticee sought dropping of the proceedings against it.
Page 4 of 7 9. I note from available records that the present proceedings have been initiated against “Goldcrest Jute Fibre Ltd.” listed on the Calcutta Stock Exchange. I, however, note that, as per MCA records, there exists a company under the name and style of “Goldcrest Jute and Fibre Ltd.” with CIN U17299WB1983PLC035921. In this regard, I note that, in terms of Section 20(2) of the Companies Act, 1956, a name which is identical with, or too nearly resembles, the name by which a company in existence has been previously registered, may be deemed to be undesirable by the Central Government and no company shall be registered by that name. This clearly means that no two companies with identical or nearly resembling names can be registered with Registrar of Companies.
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Source: SecMarx — sebi:Order/KS/VC/2020-21/8675. 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.