sebi:VSS/AO-164/2009
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Facts / Headnote
Adjudication proceedings initiated against the Noticee vide order dated March 10, 2008 held to be infructuous and disposed of; no penalty imposed.
Provisions invoked
- s. 4(3)
- s. 19H
- s. 446
- s. 19D
- s. 391
- s. 449
Regulations
- Reg. 199
- Reg. 54
Holding
The adjudication proceedings initiated against the Noticee on March 10, 2008 are infructuous and cannot be proceeded with, as they were initiated after the winding-up order dated February 23, 2001 and without leave of the 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, 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 Bombay, Mumbai, had passed an order of winding up against M/s Chiplun Fine Chemicals Limited in an order dated February 23, 2001 in C.P.No. 225 of 2000 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 Mumbai 2. March 10, 2008 Approval by the Chairman, SEBI, of the initiation of Adjudication proceedings against Noticee
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Source: SecMarx — sebi:VSS/AO-164/2009. 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.