sebi:Order/YJ/AR/2023-24/29847
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Facts / Headnote
Adjudication proceedings disposed of without going into merits as not maintainable against struck-off/dissolved company
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 28B
- s. 248
- s. 560
Regulations
- Reg. 3(a)
Parties
- Gurukul Enclave Private Limited
Holding
The adjudication proceedings initiated against Gurukul Enclave Private Limited vide SCN dated March 09, 2022 cannot be proceeded with and are disposed of without going into merits because the Noticee was struck off and dissolved on August 24, 2018.
Full text
Adjudication Order in respect of Gurukul Enclave Private Limited in the matter of Illiquid Stock Options at BSE Page 2 of 5 adjudication proceedings against the Noticee for violation of the provisions of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations, 2003”).
Adjudication Order in respect of Gurukul Enclave Private Limited in the matter of Illiquid Stock Options at BSE Page 3 of 5 7145 companies were attached as per the Notification issued by ROC, West Bengal in terms of sub-section (5) of section 248 of the Companies Act, 2013 and rule 9 of the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016. I find that the name of the Noticee was mentioned in the said list (at sl.no. 4552 under CIN U70109WB2011PTC170361). The Notification downloaded from the Ministry of Corporate Affairs (MCA), Government of India, (www.mca.gov.in) website inter alia, mentioned the following: “…….Notice is hereby published that pursuant to sub-section (5) of Section 248 of the Companies Act, 2013 the name of 7145 no. of companies as per list attached as Annexure “A” have this day i.e. 24th day of August, 2018 been struck off from the Register of the Companies and the said companies are dissolved.”
Adjudication Order in respect of Gurukul Enclave Private Limited in the matter of Illiquid Stock Options at BSE Page 4 of 5 of assessment against the respondent company, it had already been dissolved and struck off the register of the Registrar of companies under Section 560 of the Companies Act. In these circumstances, the Tribunal rightly held that there could not have been any assessment order passed against the company which was not in existence as on that 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.”
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Source: SecMarx — sebi:Order/YJ/AR/2023-24/29847. 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.