sebi:VKV/DL/AO-52/2016
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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 Pan Asia Global Ltd.
Holding
The adjudication proceedings initiated against the Noticee vide SCN dated February 02, 2016 cannot be proceeded with for want of leave under Section 446 of the Companies Act, 1956, and the matter is accordingly disposed of without penalty.
Full text
Adjudication Order in respect of M/s Pan Asia Global Ltd. 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 one (01) investor complaint(s) were pending against the Noticee as on July 20, 2012.
Adjudication Order in respect of M/s Pan Asia Global Ltd. February 23, 2016 Page 3 of 5 6. The said SCN bearing No. SEBI/NRO/AO/VKV/DL/212/2016 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 Pan Asia Global Ltd. February 23, 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:
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Source: SecMarx — sebi:VKV/DL/AO-52/2016. 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.