sebi:VKV/DL/AO-92/2016
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Facts / Headnote
Disposed of - adjudication proceedings cannot be proceeded with
Provisions invoked
- s. 15
- s. 15J
- s. 15I
- s. 15C
- s. 446
- s. 391
Parties
- M/s Daewoo Motors India Ltd
Holding
The adjudication proceedings initiated against the Noticee vide SCN dated 02.02.2016 cannot be proceeded with because the Noticee is under liquidation and no leave of the Court has been obtained as required under Section 446(1) of the Companies Act, 1956.
Full text
Adjudication Order against M/s Daewoo Motors India Ltd March 28, 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 ten (10) investor complaint(s) were pending against the Noticee.
Adjudication Order against M/s Daewoo Motors India Ltd March 28, 2016 Page 3 of 5 Act, 1992 and penalty be not imposed under section 15C of SEBI Act, 1992 for the violation alleged to have been committed by the Noticee.
Adjudication Order against M/s Daewoo Motors India Ltd March 28, 2016 Page 4 of 5 FINDINGS 10. I find that in the website of Ministry of Company Affairs, the status of the Noticee is mentioned as ‘Liquidation’. Subsequently, SEBI has confirmed that as per SCORES, the status of the Noticee is under ‘Liquidation’.
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Source: SecMarx — sebi:VKV/DL/AO-92/2016. 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.