sebi:VSS/AO-114/2009
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Facts / Headnote
Disposed of as infructuous; adjudication proceedings not proceeded with for want of leave under Section 446
Provisions invoked
- s. 4(3)
- s. 19H
- s. 446
- s. 19D
- s. 391
- s. 449
Regulations
- Reg. 199
- Reg. 54
Parties
- M/s Real value Appliances Ltd.
Holding
The adjudication proceedings initiated against the Noticee vide order dated March 10, 2008 are infructuous and cannot be proceeded with because they were initiated after the winding-up order dated January 16, 2003 without leave of the winding-up court under Section 446 of the Companies Act, 1956.
Full text
Page 2 of 7 2. The aforesaid delay is alleged to be in violation of regulation 54 (5) of SEBI (Depositories and Participants) Regulations 1996, (hereinafter referred as "DP Regulations") and liable for penalty under section 19D of the Depositories Act, 1996 (hereinafter referred to as the “Depositories Act”). Accordingly, Securities and Exchange Board of India (hereinafter referred to as “SEBI”) initiated adjudication proceedings under section 4(3) of Securities and Exchange Board of India,1992 (hereinafter referred to as “SEBI Act”) read with section 19H of the Depositories Act against Noticee vide order dated March 10, 2008.
Page 3 of 7 Bombay, Mumbai, had passed an order of winding up against M/s Real value Appliances Ltd. in an order dated January 16, 2003 made in C.P.No. 235 of 1996 and the Official Liquidator attached to the Hon’ble High Court of Bombay, Mumbai, became the Liquidator of the said company by virtue of provisions of section 449 of the Companies Act, 1956
Page 4 of 7 3. March 11,2008 Appointment of Adjudicating Officer to conduct the adjudication proceedings against the Noticee
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Source: SecMarx — sebi:VSS/AO-114/2009. 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.