sebi:VSS/AO-55/2008
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Facts / Headnote
Adjudication proceedings held infructuous and disposed of; no penalty imposed.
Provisions invoked
- s. 4(3)
- s. 19H
- s. 446
- s. 19D
- s. 391
- s. 449
Regulations
- Reg. 54
Parties
- DCL Finance Limited
Holding
The adjudication proceedings initiated against DCL Finance Limited on March 10, 2008 were held infructuous and could not be proceeded with, as they were initiated after the winding-up order dated December 14, 2001 and without leave of the court under section 446 of the Companies Act, 1956.
Full text
Page 2 of 8 (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 DCL Finance Limited (hereinafter referred to as “DCL/Noticee”) vide order dated March 10, 2008.
Page 3 of 8 5. Meanwhile, SEBI was informed by the Office of the Official Liquidator vide letter No.O.L./C.P.No.133/2001/AR/2008/859 dated July 16, 2008 inter-alia that by an order dated December 14, 2001 made in C.P.No.133/2001, the Hon’ble High Court of Andhra Pradesh, Hyderabad had passed an order of winding up of M/s DCL Finance Limited and the Official Liquidator attached to the Hon’ble High Court of Andhra Pradesh, Hyderabad became the Liquidator of the said company by virtue of provisions of section 449 of the Companies Act, 1956.
Page 4 of 8 8. The details of the events in the present adjudication proceedings are given below in the chronological order:
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Source: SecMarx — sebi:VSS/AO-55/2008. 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.