sebi:PKB/AO-26/2009
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Facts / Headnote
Adjudication proceedings disposed of as infructuous and against the mandate of Section 446 of the Companies Act, 1956.
Provisions invoked
- s. 446
- s. 391
Parties
- Southern Herbals Limited
Holding
The adjudication proceedings initiated against Southern Herbals Limited vide SEBI order dated August 21, 2007 are held infructuous and contrary to Section 446 of the Companies Act, 1956, and are disposed of accordingly.
Full text
Adjudication Order in respect of Southern Herbals Limited. Page 2 of 3 4/16/2009 back undelivered. SCN was re-sent on November 05, 2007 which again came back undelivered. Vide letter dated March 03, 2008, The Executive Director, Bangalore Stock Exchange Ltd. was advised to arrange to have the SCN dated March 03, 2008 delivered to the noticee by hand. Vide letter dated March 13, 2008 The Executive Director, Bangalore Stock Exchange Ltd. submitted that Southern Herbals Limited is under orders of Hon’ble High Court of Karnataka for winding up and the Official Liquidator has been appointed for the purpose. Hence, the notice was handed over to the Official Liquidator, Hon’ble High Court of Karnataka and the acknowledgement has been obtained.
Adjudication Order in respect of Southern Herbals Limited. Page 3 of 3 4/16/2009 [(2) [Tribunal] l shall, notwithstanding anything, contained in any other law for the time being in force, have jurisdiction to entertain, or dispose of- (a) Any suit or proceeding by or against the company; (b) Any claim made by or against the company (including claims by or against any of its branches in India) (c) Any application made under Section 391 by or in respect of the company (d) any question of priorities or any other question whatsoever, whether of law or fact, which may relate to rise in course of the winding up of the company. whether such suit or proceeding has been instituted or is instituted or such claim or question has arisen or arises or such application has been made or is made before or after the order for the winding up of the company, or before or after the commencement of the Companies (Amendment) Act, 1960 (65 of 1960)] (3) (Omitted) [(4)] nothing in sub-section (1) or sub-section (3) shall apply to any proceeding pending in appeal before the Supreme Court or a High Court].”
CONSIDERATION OF ISSUES AND FINDINGS THEREOF 4. I also find from the list of cases under liquidation as on June 30, 2008 available at http://www.companyliquidator.gov.in/Liquidation-List- Bangalore.pdf as on April 16, 2009, that the Hon’ble High Court of Karnataka, Bangalore, had passed an order of winding up against M/s Southern Herbals Ltd. in an order dated March 07, 2005 made in Company Petition No. 129 of 2002 and the Official Liquidator attached to the Hon’ble High Court of Karnataka, Bangalore, became the Liquidator of the said company.
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Source: SecMarx — sebi:PKB/AO-26/2009. 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.