sebi:Order/PM/AB/2019-20/4215
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Facts / Headnote
Show Cause Notice disposed of; no penalty imposed
Provisions invoked
- s. 15
- s. 15H
Parties
- Noticee (unnamed company, amalgamated with M/s Assam Entrade Ltd.)
Holding
The Show Cause Notice issued to the Noticee for failing to obtain SCORES authentication was disposed of without imposing any penalty, as the Noticee had amalgamated with Assam Entrade Ltd. (AEL) in 2006-07, before the SCORES circular came into force, and AEL had obtained SCORES authentication with no pending investor complaints.
Full text
Page 2 of 4 APPOINTMENT OF ADJUDICATING OFFICER 4. Securities and Exchange Board of India vide order dated April 10, 2014 appointed Mr. Amar Navlani as the Adjudicating Officer, to inquire and adjudge under section 15-I of SEBI Act and rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as "Rules") to enquire into and adjudge under section 15HB of SEBI Act,1992 for failing to obtain the SCORES authentication by the Noticee in spite of being called upon by SEBI to do so. Pursuant to the transfer of Mr. Amar Navlani and reallocation of work, the undersigned was appointed as the Adjudicating Officer vide order dated January 8, 2019. SHOW CAUSE NOTICE AND REPLY
Page 3 of 4 9. In order to examine the issue, the website of Calcutta Stock Exchange, MCA as well as the order of Hon’ble Calcutta High court was perused. An e-mail was sent on July 18, 2019 to the erstwhile director of the Company seeking the listing status of the amalgamated company i.e. M/s Assam Entrade Ltd. (“AEL”), the communication with Calcutta Stock Exchange regarding the amalgamation of the Noticee and any other communication regarding listing of the Noticee. In response to said e-mail AEL vide email dated July 25, 2019 informed that due to passage of time, it could not trace the documents sent to the exchanges. However, it has recently got in-principle approval for listing from BSE Ltd. Further, a communication has been sent to Calcutta Stock Exchange on July 24, 2019 for taking the amalgamation on record. It further submitted that the Noticee had amalgamated with AEL through order of Calcutta High Court dated February 23,
Page 4 of 4 Ltd. The company also provided part of its balance sheet clarifying that it had issued 2,56,635 shares to shareholders of the Noticee and another company during amalgamation and after amalgamation the number of shares issued increased to 14,39,790.
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Source: SecMarx — sebi:Order/PM/AB/2019-20/4215. 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.