sebi:VKV/DL/AO-19/2016
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Facts / Headnote
Adjudication proceedings disposed of without proceeding on merits
Provisions invoked
- s. 15
- s. 15I
- s. 15J
- s. 15C
- s. 446
- s. 391
Parties
- M/s Altos India Limited
Holding
The adjudication proceedings initiated against M/s Altos India Limited vide SCN dated March 26, 2014 cannot be proceeded with for want of leave under Section 446 of the Companies Act, 1956, and the matter is accordingly disposed of.
Full text
Adjudicating Order in respect of M/s Altos India Limited February 09, 2016 Page 2 of 5 3. As observed from the contents of the Circular, SCORES introduced electronic dealing of the complaints of the investors, by the respective companies. Thus, once a complaint against a company was uploaded by SEBI in the SCORES, it amounted to calling upon by SEBI to such company to redress the investor grievance. Accordingly, it was incumbent upon such company to redress the investor complaint. It was observed that two (02) investor complaint(s) were pending against the Noticee as on July 20, 2012.
Adjudicating Order in respect of M/s Altos India Limited February 09, 2016 Page 3 of 5 7. The said SCN No. SEBI-NRO/AO/VKV/SKG /882/2014 dated March 26, 2014 was sent at the registered office address(s) at “Agarsen Chowki, Narnaul, Dist: Mahendergarh, Haryana-123001” of the Noticee through Postal Department. But same was returned undelivered.
Adjudicating Order in respect of M/s Altos India Limited February 09, 2016 Page 4 of 5 12. I am of the view that before proceeding in the matter on its merit, it would be in the fitness of the thing to first decide the preliminary issue as to whether the adjudication proceedings initiated by SEBI against the Noticee would continue.
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Source: SecMarx — sebi:VKV/DL/AO-19/2016. 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.