sebi:VKV/DL/AO-51/2016
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Facts / Headnote
Disposed of - adjudication proceedings cannot be proceeded with, no penalty imposed
Provisions invoked
- s. 15
- s. 15I
- s. 15J
- s. 15C
- s. 446
- s. 391
Parties
- M/s Organic Chemoils Limited
Holding
The adjudication proceedings initiated against M/s Organic Chemoils Limited vide SCN dated February 02, 2016 under Section 15C of the SEBI Act cannot be proceeded with and the matter is disposed of because the Noticee is under liquidation.
Full text
Adjudication Order in respect of M/s Organic Chemoils Limited February 23, 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 four (04) investor complaint(s) were pending against the Noticee as on July 20, 2012.
Adjudication Order in respect of M/s Organic Chemoils Limited February 23, 2016 Page 3 of 5 6. The said SCN bearing No. SEBI/NRO/AO/VKV/DL/209/2016 dated February 02, 2016 was sent at the last known address(s) of the Noticee through Postal Department. Noticee failed to submit any reply to the SCN.
Adjudication Order in respect of M/s Organic Chemoils Limited February 23, 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-51/2016. 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.