sebi:SRP/AO-07/2009
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Facts / Headnote
Disposed of - adjudication proceedings held not maintainable and not proceeded with without leave of the Court under Section 446 of the Companies Act, 1956
Provisions invoked
- s. 21
- s. 23
- s. 23E
- s. 446
- s. 391
Holding
The adjudication proceedings initiated against the Noticee vide order dated September 28, 2007 cannot be proceeded with without leave of the Court under Section 446 of the Companies Act, 1956, and the matter is accordingly disposed of.
Full text
Page 2 of 6 4. The aforesaid failure on the part of the Noticee in complying with the listing agreement attracts penalty under the provisions of Section 23 I read with Section 23 E of the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as “SCRA”).
Page 3 of 6 during the said visit the premises were observed to be locked. Another attempt was made on August 20, 2009, but once again the premises were found to be locked. Therefore, it was pasted as substituted delivery.
Page 4 of 6 12. In view of the above and in order to examine the maintainability of the present adjudication proceedings against the Noticee, it will be appropriate to refer to section 446 of the Companies Act, 1956, which reads as under: 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] 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) (Omitt
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Source: SecMarx — sebi:SRP/AO-07/2009. 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.