sebi:VKV/DL/AO-28/2016
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Facts / Headnote
Disposed of - adjudication proceedings cannot be proceeded with for want of leave under Section 446
Provisions invoked
- s. 15
- s. 15I
- s. 15J
- s. 15C
- s. 446
- s. 391
Parties
- Varuna Agroproteins Ltd.
Holding
The adjudication proceedings initiated against Varuna Agroproteins Ltd. vide SCN dated December 11, 2015 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 Varuna Agroproteins Ltd. 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 four (04) investor complaints were pending against the Noticee at the time of initiation of adjudication proceedings.
Adjudicating Order in respect of Varuna Agroproteins Ltd. February 09, 2016 Page 3 of 5 7. The said SCN No. SEBI/NRO/AO/VKV/DL/SCN/1430/2015 dated December 11, 2015 was sent at the known office address (s) at“82-B, Madangir Village, New Delhi-110062” of the Noticee through Postal Department. However, the same was undelivered.
Adjudicating Order in respect of Varuna Agroproteins Ltd. 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-28/2016. 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.