sebi:Order/PM/SM/2020-21/10080
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Facts / Headnote
Adjudication proceedings abated; Show Cause Notice dated November 20, 2020 disposed of
Provisions invoked
- s. 15
- s. 15H
Parties
- (Late) Sundaresan Gopalan
Holding
The adjudication proceedings against the deceased Noticee (Late) Sundaresan Gopalan were abated without going into the merits of the case, and the Show Cause Notice dated November 20, 2020 issued against him was disposed of accordingly.
Full text
Adjudication Order in respect of (Late) Sundaresan Gopalan in the matter of Sanraa Media Ltd. Page 2 of 4 (hereinafter referred to as the SEBI Act, 1992) in respect of the Company and its Directors. It was observed by SEBI that Shri Sundaresan Gopalan (hereinafter referred to as Noticee) is one of the director of the Company. In the aforesaid order, Company was directed to recover a sum of US $27.244 million from Clifford Capital Partners A.G.S.A and bring back the money into Company’s bank account in India within three months from the date of the said
Adjudication Order in respect of (Late) Sundaresan Gopalan in the matter of Sanraa Media Ltd. Page 3 of 4 me and I was appointed as the AO by the Competent Authority vide communique dated October 28, 2020. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING:
Adjudication Order in respect of (Late) Sundaresan Gopalan in the matter of Sanraa Media Ltd. Page 4 of 4 relief sought is personal to the deceased, the right to sue will not survive to or against the representatives and in such cases the maxim actio 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 Securities Appellate Tribunal in Chandravadan J. Dalal vs. SEBI (Appeal No. 35/2004 decided on June 15, 2005) wherein it was held as under: “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/PM/SM/2020-21/10080. 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.