sebi:VSS/AO-149/2009
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Adjudication proceedings disposed of as infructuous and cannot be proceeded with
Provisions invoked
- s. 4(3)
- s. 19H
- s. 446
- s. 19D
- s. 391
Regulations
- Reg. 199
- Reg. 54
Holding
The adjudication proceedings initiated against the Noticee vide order dated March 10, 2008 are infructuous and cannot be proceeded with for want of 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 to as "DP Regulations") and liable for penalty under section 19D of the Depositories Act, 1996 (hereinafter referred to as “Depositories Act”). Accordingly, 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 (hereinafter referred to as “ASE”). The said notice was affixed at the (above-mentioned) last known address of the Noticee as per the communication of ASE dated July 15, 2008.
Page 4 of 7 2. March 10, 2008 Approval by the Chairman, SEBI, of the initiation of Adjudication proceedings against the Noticee
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:VSS/AO-149/2009. 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.