sebi:Order/SR/SM/2019-20/3723/93

SEBI · SEBI · 2014-03-10 · Sangeeta Rathod, Adjudicating Officer

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Facts / Headnote

Adjudication proceedings disposed without imposing any monetary penalty; Noticee exonerated

Provisions invoked

• s. 15
• s. 15H
• s. 15J

Parties

• Meghana Commercial Co Ltd

Holding

The allegation against Meghana Commercial Co Ltd for failure to obtain SCORES authentication was held not established and the Noticee was exonerated, with adjudication proceedings disposed without penalty.

Full text

Adjudication Order in respect of Meghana Commercial Co Ltd for failure to obtain SCORES Authentication Page 2 of 5 the Noticee 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). 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 Meghana Commercial Co Ltd for failure to obtain SCORES Authentication Page 3 of 5 November 25, 2010 approving the aforesaid amalgamation, copies of Form 21 filed with Registrar of Companies (RoC) and receipt of filing order Hon’ble High Court with Registrar of Companies West Bengal.

Adjudication Order in respect of Meghana Commercial Co Ltd for failure to obtain SCORES Authentication Page 4 of 5 Further, I note from the copy of the order approving dissolution, dated November 25, 2010 in the Company Application No. 279 of 2009, the Hon’ble High Court of Calcutta, inter-alia, ordered that “Meghana Commercial Company (hereinafter referred to as the said transferor company) be and the same is hereby dissolved without winding up from the date of filing of the certified copy of this order upon The Registrar of Companies, West Bengal by the said applicant company and the said transferor Company”. In this regard, I observe that Noticee along with the entity with whom the Noticee amalgamated filed the said order to RoC, West Bengal. Accordingly, the Noticee ceased to exist pursuant to its merger with the transferee company, in terms of the aforesaid orders of Hon’ble High Court, Calcutta. To traingulate information, I have ascertained from the website of Ministry of Corporate Affairs (MCA) and find that its name does not appear in the portal of MCA in the ‘master data’.

Source: SecMarx — sebi:Order/SR/SM/2019-20/3723/93. 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.