sebi:VSS/AO-64/2008
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Facts / Headnote
Adjudication proceedings held infructuous and not proceeded with; matter disposed of with no penalty
Provisions invoked
- s. 4(3)
- s. 19H
- s. 446
- s. 19D
- s. 391
- s. 449
Regulations
- Reg. 199
- Reg. 54
Parties
- M/s Karnataka Financial Services Limited
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. The matter is accordingly disposed of.
Full text
Page 2 of 8 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
Page 3 of 8 ‘left’. Keeping in view the principles of natural justice and as per rule 4(3) of the Rules the hearing letter was sent to the Noticee on September 01, 2008 for conducting an enquiry on September 24, 2008 at Southern Regional Office, Chennai through Bangalore Stock Exchange. On the said date, the Noticee did not appear for the hearing.
Page 4 of 8 b) Whether the adjudication proceedings initiated by SEBI against the Noticee can be continued in view of the order of winding up of the Noticee by the Hon’ble High Court of Karnataka, Bangalore?
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Source: SecMarx — sebi:VSS/AO-64/2008. 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.