sebi:SRP/AO-09/2009
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Facts / Headnote
Disposed of without adjudication on merits - adjudication proceedings held not maintainable without leave of winding-up court
Provisions invoked
- s. 21
- s. 23
- s. 23E
- s. 446
- s. 391
Parties
- M/s. Alpic Finance Ltd.
Holding
The adjudication proceedings initiated against the Noticee vide SCN dated September 28, 2007 cannot be proceeded with without leave of the winding-up Court under Section 446 of the Companies Act, 1956, and the matter is accordingly disposed of.
Full text
Page 2 of 5 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 5 CONSIDERATION OF ISSUES AND FINDINGS 10. The issues that arise for consideration in the present case are: a) Whether the Adjudication proceedings initiated by SEBI preceded the date of Order of Winding Up in respect of the Noticee company?
Page 4 of 5 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].”
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Source: SecMarx — sebi:SRP/AO-09/2009. 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.