sebi:VSS/AO-12/2009
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Facts / Headnote
Adjudication proceedings disposed of as infructuous and not proceeded with
Provisions invoked
- s. 4(3)
- s. 19H
- s. 446
- s. 19D
- s. 391
- s. 449
Regulations
- Reg. 199
- Reg. 54
Parties
- AFSL
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 without leave of the court.
Full text
Page 2 of 6 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 6 against AFSL on November 24, 2006 in C.P.No. 648 of 2004. Consequently, by virtue of provisions of section 449 of the Companies Act, 1956 the Official Liquidator attached to the Hon’ble High Court of Bombay, Mumbai, became the Liquidator of AFSL.
Page 4 of 6 [(2) [Tribunal] l shall, notwithstanding anything, contained in any other law for the time being in force, have jurisdiction to entertain, or dispose of- (a) Any suit or proceeding by or against the company; (b) Any claim made by or against the company (including claims by or against any of its branches in India) (c) Any application made under Section 391 by or in respect of the company (d) any question of priorities or any other question whatsoever, whether of law or fact, which may relate to rise in course of the winding up of the company. whether such suit or proceeding has been instituted or is instituted or such claim or question has arisen or arises or such application has been made or is made before or after the order for the winding up of the company, or before or after the commencement of the Companies (Amendment) Act, 1960 (65 of 1960)] (3) (Omitted) [(4)] nothing in sub-section (1) or sub-section (3) shall apply to any proceeding pending in appeal before the Supreme Court or a High Court].”
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Source: SecMarx — sebi:VSS/AO-12/2009. 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.