sebi:PM/NR/2020-21/10078
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Facts / Headnote
Adjudication proceedings not proceeded with; matter disposed of
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 23A
- s. 23
- s. 279
- s. 446
- s. 391
Regulations
- Reg. 13(6)
Parties
- Kanchan International Ltd.
Holding
The adjudication proceedings initiated against Kanchan International Ltd. vide SCN dated December 31, 2019 cannot be proceeded with for want of leave of the Court/Tribunal as the Noticee is under liquidation. The matter is accordingly disposed of.
Full text
Adjudication Order in respect of Kanchan International Ltd., Page 2 of 5 2. In view of the above findings of investigation, it is alleged that the Noticee has violated the provisions of Clause 35(1)(a) and (b) of the Listing Agreement and Regulation 13(6) of SEBI (PIT) Regulations.
Adjudication Order in respect of Kanchan International Ltd., Page 3 of 5 received either from the Company or from its Managing Director. I am convinced that the instant matter can be decided without being heard, as no prejudice shall be caused to the Noticee. Accordingly, I am proceeding further in the matter and record my findings hereunder.
Adjudication Order in respect of Kanchan International Ltd., Page 4 of 5 (d) any question of priorities or any other question whatsoever, whether of law or fact, which may relate to or arise 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. (3) Any suit or proceeding by or against the company which is pending in any Court other than that in which the winding up of the company is proceeding may, notwithstanding anything contained in any other law for the time being in force, be transferred to and disposed of by that Court. (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
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Source: SecMarx — sebi:PM/NR/2020-21/10078. 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.