sebi:Order/VV/PSS/2022-23/28157-28158
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Facts / Headnote
Adjudication proceedings disposed of without going into the merits of the case, as the Noticees settled the matter under the Settlement Scheme, 2022.
Provisions invoked
- s. 15H
- s. 248(7)
Regulations
- Reg. 3(a)
Parties
- Atul Surendra Zaveri
- Sachin Vijay Shah
Holding
The adjudication proceedings initiated against the Noticees vide show cause notice dated September 30, 2022 are disposed of without going into the merits of the case, since the Noticees have settled the matter under the Settlement Scheme, 2022.
Full text
Adjudication Order in the matter of Illiquid Stock Options at BSE Page 2 of 3 proceedings w.r.t. Shreeji Investment and Finance Company Private Limited without going into the merits of the case.
Adjudication Order in the matter of Illiquid Stock Options at BSE Page 3 of 3 issued to the Noticees becomes infructuous considering that the Noticees have settled the matter under the Settlement Scheme, 2022.
2. Thereafter, the concerned operational department of SEBI had reviewed the 94 cases related to trading in Illiquid Stock Options at Bombay Stock Exchange Ltd. (“BSE”), wherein, NIL penalty has been imposed by the respective Adjudicating Officer in the adjudication proceedings initiated w.r.t. respective entity(ies). It was been observed that, the erstwhile Noticee i.e. the Company was one of the aforesaid 94 entities. Concerned department had observed that as per section 248(7) of the Companies Act, 2013, liability, if any, of every director, manager or other officer who was exercising any power of management, and of every member of the company dissolved, shall continue and may be enforced as if the company had not been dissolved.
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Source: SecMarx — sebi:Order/VV/PSS/2022-23/28157-28158. 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.