sebi:VSS/AO-162/2009
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Facts / Headnote
Adjudication proceedings held infructuous and not proceeded with; matter disposed of
Provisions invoked
- s. 4(3)
- s. 19H
- s. 446
- s. 19D
- s. 391
- s. 449
Regulations
- Reg. 199
- Reg. 54
Parties
- M/s Hindustan Financial Management Limited
Holding
The adjudication proceedings initiated against the Noticee vide order dated March 10, 2008 are infructuous and therefore cannot be proceeded with. The matter is accordingly disposed of.
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 Act,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 Financial Management Limited in an order dated October 29, 2002 made in C.P.No. 379 of 2002 and the Official Liquidator attached to the Hon’ble High Court Delhi became the Liquidator of the said company by virtue of provisions of section 449 of the Companies Act, 1956
Page 4 of 7 Adjudicating Officer 8. In the light of the above and in order to examine the maintainability of the present adjudication proceedings against the Noticee, it will be appropriate to refer to section 446 of the Companies Act,1956, which reads as under:
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Source: SecMarx — sebi:VSS/AO-162/2009. 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.