sebi:VKV/DL/AO-38/2016

SEBI · SEBI · 2004-01-22 · Vijayant Kumar Verma, Adjudicating Officer

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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 Onida Finance Limited

Holding

The adjudication proceedings initiated against M/s Onida Finance Limited vide SCN dated February 02, 2016 cannot be proceeded with. The matter is accordingly disposed of.

Full text

Adjudicating Order in respect of M/s Onida Finance Limited February 16, 2016 Page 2 of 5 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 Onida Finance Limited February 16, 2016 Page 3 of 5 7. Considering the facts and circumstances of the case the undersigned is of the opinion that no prejudice would be caused to the Noticee in the given matter, if opportunity of hearing under Rule 4(3) of Adjudication Rules is not provided to it and I deem it appropriate to decide the matter on the basis of facts/materials available on record.

Adjudicating Order in respect of M/s Onida Finance Limited 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.

Source: SecMarx — sebi:VKV/DL/AO-38/2016. 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.