sebi:WTM/AN/MIRSD/DOP/29738/2023-24
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Facts / Headnote
Disposed of without issuing any directions
Provisions invoked
- s. 19
- s. 12(3)
- s. 154
Regulations
- Reg. 27
Parties
- Choice Merchandise Broking Pvt. Ltd.
Holding
The enquiry proceedings for determining the 'fit and proper' status of the Noticee (Choice Merchandise Broking Pvt. Ltd.), which had ceased to exist pursuant to its amalgamation with CEBPL, would be infructuous, and the SCN and SSCN were disposed of without issuing any directions.
Full text
Order in respect Choice Merchandise Broking Pvt. Ltd. in the matter of NSEL Page 2 of 9 SHOW CAUSE NOTICE, REPLY AND HEARING:
Order in respect Choice Merchandise Broking Pvt. Ltd. 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 27, 2023 (hereinafter referred to as “SSCN”) was served on the Noticee along with the following documents:
Order in respect Choice Merchandise Broking Pvt. Ltd. in the matter of NSEL Page 4 of 9 7.1. Noticee got amalgamated with into CEBPL pursuant to the order dated September 06, 2018 passed by the National Company Law Tribunal, Mumbai (hereinafter referred to as “NCLT”). 7.2. As the Noticee is not in existence, no investigation stands against the Noticee. Further, the investigation cannot hold good against CEBPL as the status of ‘fit and proper’ does not pass on to the resultant entity. 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 Order dated July 04, 2023 passed by SEBI in respect of Prudent Comder Private Limited in the matter of NSEL, wherein the proceedings against the entity was disposed of without issuing any
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Source: SecMarx — sebi:WTM/AN/MIRSD/DOP/29738/2023-24. 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.