sebi:WTM/AN/MIRSD/DOP/29737/2023-24
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Facts / Headnote
Proceedings disposed of without issuing any directions; SCN and SSCN closed.
Provisions invoked
- s. 19
- s. 12(3)
- s. 154
Regulations
- Reg. 27
Parties
- Aditya Birla Commodities Broking Limited
Holding
The enquiry proceedings to determine the 'fit and proper' status of the transferor company (the Noticee), which had ceased to exist pursuant to the NCLT order dated November 14, 2018 sanctioning its amalgamation with ABML, would be infructuous. The proceedings and the SCN/SSCN were disposed of without issuing any directions.
Full text
Order in respect Aditya Birla Commodities Broking Limited in the matter of NSEL Page 2 of 9 SHOW CAUSE NOTICE, REPLY AND HEARING:
Order in respect Aditya Birla Commodities Broking Limited in the matter of NSEL Page 3 of 9 SUPPLEMENTARY SCN: 5. Pursuant to the June 2022 SAT Order, it was felt necessary to furnish certain additional documents/ material to the Noticee and grant an opportunity of personal hearing. Accordingly, a supplementary SCN dated February 17, 2023 (hereinafter referred to as “SSCN”) was served on the Noticee along with the following documents:
Order in respect Aditya Birla Commodities Broking Limited in the matter of NSEL Page 4 of 9 Amalgamation and ABCBL was merged into ABML with effect from December 14, 2018. 7.2. The Noticee ceased to exist or have any independent identity with effect from the date of the NCLT Order. Thus, Noticee is no longer in existence and deemed to be dissolved without the process of being wound up. Company Master Data of the Noticee in Ministry of Corporate Affairs (MCA) website reflects the Noticee / Company Status as “Amalgamated”. 7.3. In this regard, Noticee placed reliance on the following orders passed by SEBI, wherein the proceedings against the entity was disposed of without issuing any direction: 7.3.1 Order dated March 01, 2023 passed in respect of Smart Commodity Brokers Pvt. Ltd. in the matter of NSEL. 7.3.2 Order dated July 04, 2023 passed in respect of Prudent Comder Private Limited in the matter of NSEL. 7.3.3 Order dated July 20, 2023 passed in respect of Tradebulls Commodities Broking Private Ltd. 7.3.4 Order dated September 28, 2023 passed in respect of Aasma Commodities Private Limited. 7.4. In view of the aforesaid, the Noticee requested for a similar disposal of the instant proceedings initiated by issuance of Show Cause notice dated August 11, 2020 and Supplementary Show Cause Notice dated February 17, 2023, since proceedings initiated against the Noticee gets abated on the ground that Noticee ceased to exist w.e.f. December 14, 2018. CONSIDERATION OF ISSUE AND FINDI
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Source: SecMarx — sebi:WTM/AN/MIRSD/DOP/29737/2023-24. 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.