sebi:VKV/DL/AO-34/2016
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Matter disposed of - adjudication proceedings held not maintainable and cannot be proceeded with
Provisions invoked
- s. 15
- s. 15I
- s. 15J
- s. 15C
- s. 446
- s. 391
Parties
- M/s Northland Sugar Complex Ltd.
Holding
The adjudication proceedings initiated against the Noticee vide SCN dated February 02, 2016 cannot be proceeded with on account of the bar under Section 446 of the Companies Act, 1956. The matter is accordingly disposed of without any finding on merits or penalty.
Full text
Adjudicating Order in respect of M/s Northland Sugar Complex Ltd. February 16, 2016 Page 2 of 5 2. 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 three (03) investor complaint(s) were pending against the Noticee as on July 20, 2012.
Adjudicating Order in respect of M/s Northland Sugar Complex Ltd. February 16, 2016 Page 3 of 5 6. The said bearing SCN No. SEBI/NRO/AO/VKV/DL/203/2016 dated February 02, 2016 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 Northland Sugar Complex Ltd. February 16, 2016 Page 4 of 5 11. 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:
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:VKV/DL/AO-34/2016. 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.