sebi:Order/SR/SM/2019-20/3722/92
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Facts / Headnote
Adjudication proceedings disposed without imposing any penalty; noticee exonerated
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Parties
- Morgan Walkar (Jute) Ltd.
Holding
The allegation against Morgan Walkar (Jute) Ltd. for failure to obtain SCORES authentication was held not established and the adjudication proceedings initiated vide SCN dated February 26, 2016 were disposed without penalty.
Full text
Adjudication Order in respect of Morgan Walkar (Jute) Ltd. for failure to obtain SCORES Authentication Page 2 of 5 liable for imposition of penalty under Section 15HB of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the SEBI Act, 1992). The Regional Office of SEBI initiated adjudication proceedings against the Noticee for not obtaining User ID and Password in SCORES vide note dated March 10, 2014 and the same was approved by the competent authority on April 10, 2014.
Adjudication Order in respect of Morgan Walkar (Jute) Ltd. for failure to obtain SCORES Authentication Page 3 of 5 provided a copy of order dated February 05, 2003 and requested to drop the adjudication proceedings initiated against it.
Adjudication Order in respect of Morgan Walkar (Jute) Ltd. for failure to obtain SCORES Authentication Page 4 of 5 Calcutta, inter-alia, ordered that “on the effective date, the Transferor Companies shall stand dissolved without winding up”. From the said order, it is noted that Noticee is the transferor and accordingly, the Noticee ceased to exist pursuant to its merger with the transferee company, in terms of the aforesaid order dated February 05, 2003. To triangulate information, I have ascertained from the website of the Ministry of Corporate Affairs (MCA) and I note that its name does not appear in the portal of MCA in the ‘master data’.
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Source: SecMarx — sebi:Order/SR/SM/2019-20/3722/92. 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.