sebi:Order/MC/HP/2022-23/16204
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Facts / Headnote
Proceedings disposed of as not maintainable
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 33(5)
- s. 33
- s. 52
Regulations
- Reg. 51
- Reg. 55
- Reg. 6
- Reg. 6(1)
- Reg. 7(3)
- Reg. 9
- Reg. 13(1)
- Reg. 13(4)
- Reg. 13(3)
- Reg. 50(3)
- Reg. 52(4)
- Reg. 58
- Reg. 60(2)
- Reg. 53
- Reg. 54(1)
- Reg. 56
- Reg. 57(1)
- Reg. 57(2)
- Reg. 59
- Reg. 60(1)
Parties
- Usher Agro Limited
Holding
The adjudication proceedings initiated against the Noticee are not maintainable and cannot be proceeded with, in view of Section 33(5) of IBC which bars institution of legal proceedings against a corporate debtor after a liquidation order has been passed.
Full text
Adjudication Order in the matter of Usher Agro Limited Page 2 of 13 Imposing Penalties) Rules, 1995 (hereinafter be referred to as the 'Adjudication Rules'), vide order dated December 09, 2020 to inquire into and adjudge under Section 15A(b) and 15HB of SEBI Act the aforesaid alleged violation against the Noticee. Subsequently, the undersigned was appointed as Adjudicating Officer (hereinafter be referred to as, 'AO') vide order dated December 29, 2020. The appointment of the AO was communicated vide order dated December 31,
Adjudication Order in the matter of Usher Agro Limited Page 3 of 13 7. UAL had issued Non-Convertible Debentures (NCDs) and it is listed only on BSE. Both equity and debt securities of UAL are listed on stock exchange. Examination was carried out to ascertain compliance status of UAL with relevant provisions of LODR Regulations for the financial year 2016-17. BSE vide emails dated January 14, 2020, January 16, 2020, February 24, 2020, June 09, 2020, June 15, 2020 and July 08, 2020 BSE provided compliance status. From the information provided by BSE, the details of the NCDs issued by UAL are as under:
Adjudication Order in the matter of Usher Agro Limited Page 4 of 13 10. DT was asked to provide the compliance status of the Noticee with the relevant provisions of LODR regulations. Reply of DT was received on December 23, 2019.
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Source: SecMarx — sebi:Order/MC/HP/2022-23/16204. 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.