sebi:VKV/DL/AO-29/2016
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Facts / Headnote
Disposed of - adjudication proceedings cannot be proceeded with
Provisions invoked
- s. 15
- s. 15I
- s. 15J
- s. 15C
- s. 446
- s. 391
Parties
- M/s Electra (India) Ltd.
Holding
The adjudication proceedings initiated against the Noticee (which was under liquidation) could not be proceeded with, as Section 446 of the Companies Act, 1956 bars legal proceedings against a company under winding up without leave of the Tribunal, and no such leave was on record.
Full text
Adjudicating Order in respect of M/s Electra (India) Ltd. February 16, 2016 Page 2 of 5 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 one (01) investor complaint(s) were pending against the Noticee as on July 20, 2012.
Adjudicating Order in respect of M/s Electra (India) Ltd. February 16, 2016 Page 3 of 5 was sent at the registered office address(s) of the Noticee through Postal Department. Noticee failed to submit any reply to the SCN.
Adjudicating Order in respect of M/s Electra (India) Ltd. February 16, 2016 Page 4 of 5 "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.
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Source: SecMarx — sebi:VKV/DL/AO-29/2016. 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.