sebi:Order/VV/PS/2022-23/25495

SEBI · SEBI · 2022-08-04 · Vijayant Kumar Verma, Adjudicating Officer

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Facts / Headnote

Adjudication proceedings initiated vide SCN dated August 04, 2022 disposed of / abated without going into the merits of the case

Provisions invoked

• s. 15
• s. 15H
• s. 15I
• s. 560

Holding

The adjudication proceedings initiated against the Noticee vide SCN dated August 04, 2022 are abated and disposed of without going into the merits of the case because the Noticee company stands struck off from the ROC and dissolved.

Full text

Adjudication Order in the matter of Illiquid Stock Options at BSE Page 2 of 3 3. In this connection, the undersigned was appointed as Adjudicating Officer under Section 15-I of the Securities and Exchange Board of India Act, 1992 (“SEBI Act”) to inquire into and adjudge under Rule 5 of the Adjudication Rules, the alleged violations by the Noticee and determine whether penalty under Section 15HA of the SEBI Act is liable to be imposed upon the Noticee.

Adjudication Order in the matter of Illiquid Stock Options at BSE Page 3 of 3 date in the eyes of law it had already been dissolved. We are of the opinion that the view taken by the Tribunal is perfectly valid and in accordance with law.”

4. Accordingly, in terms of Rule 4(1) of the Adjudication Rules read with Section 15I of the SEBI Act, a notice to show cause dated 04/08/2022 (hereinafter referred to as ‘SCN’) was issued to the Noticee calling upon the Noticee to show cause as to why an inquiry should not be held against it in terms of Rule 4 of the Adjudication Rules and penalty be not imposed under Section 15HA of the SEBI Act for the aforesaid alleged violations. The SCN sent to the Notice was duly served.

Source: SecMarx — sebi:Order/VV/PS/2022-23/25495. 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.