sebi:PKK/AO/281/2010
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Facts / Headnote
Disposed of - adjudication proceedings initiated vide order dated June 14, 2007 cannot be proceeded further
Provisions invoked
- s. 446
- s. 391
Parties
- Veronica Laboratories Limited
Holding
The Adjudicating Officer held that the present adjudication proceedings fall within the scope of 'other legal proceeding' under Section 446(1) of the Companies Act, 1956, and since no leave of the Tribunal had been obtained after the winding up order, the proceedings cannot be proceeded further and are disposed of.
Full text
Page 2 of 4 Notice, Reply & Personal Hearing 3. A Show Cause Notice (hereinafter referred as ‘SCN’) dated January 18, 2008 under Rule 4(1) of (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 2005 (hereinafter referred to as “Adjudication Rules”) was issued to the noticee through registered post A/D and the same was duly acknowledged. However, the Noticee did not submit any reply to the SCN.
Page 3 of 4 be commenced … against the company except by leave of the (Tribunal) …” Section 446 of the Companies Act, 1956 reads as follows: Section 446 of the Companies Act, 1956 “(1) When a winding up order has been made or the official liquidator has been appointed as provisional liquidator, no suit or other legal proceeding shall be commenced, or if pending at the date of the winding up order, shall be proceeded with, against the company except by leave of the (Tribunal) and subject to such terms as the (Tribunal) may impose. [(2) [Tribunal] 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
Page 4 of 4 dated June 14, 2007 cannot be proceeded further. The matter is, accordingly, disposed of. 10. In terms of Rule 6 of the said Adjudication Rules, copies of this order are sent to the noticee and also to the Securities and Exchange Board of India.
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Source: SecMarx — sebi:PKK/AO/281/2010. 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.