sebi:VSS/AO-150/2009
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Facts / Headnote
Proceedings disposed of as infructuous
Provisions invoked
- s. 4(3)
- s. 19H
- s. 446
- s. 19D
- s. 391
- s. 449
Regulations
- Reg. 199
- Reg. 54
Parties
- M/s Mardia Steel Limited
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 July 23, 2003 and without leave of the court.
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 mentioned) last known address of the Noticee through Ahmedabad Stock Exchange (hereinafter referred to as “ASE”). The said notice was returned undelivered with remark of ASE “It has not in existence of M/s Mardia Steel Limited of the address stated in the notice and a office of National Agriculture Co-operative Marketing since last 4 years”.
Page 4 of 7 Sl.No. Date Events 1. July 23, 2003 Winding up order passed by the Hon’ble High Court of Gujarat, Ahmedabad 2. March 10, 2008 Approval by the Chairman, SEBI, of the initiation of Adjudication proceedings against the Noticee
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Source: SecMarx — sebi:VSS/AO-150/2009. 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.