sebi:WTM/GA/MRD/DSA/58/06
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
CSX refrained from acting on EGM resolutions dated February 15, 2006 and March 31, 2006 and from transferring/alienating property till further orders; day-to-day functioning to be undertaken by three-member Committee chaired by Shri V Selvaraj with Shri C. A. Venkatesan and Shri K. R. Raman; Committee authorized to meet day-to-day expenses and operate bank accounts; CSX to show cause within 15 days why further direction including supersession should not be passed.
Provisions invoked
- s. 11
- s. 169
- s. 12A
- s. 12
Parties
- Coimbatore Stock Exchange Limited (CSX)
- Council of Management of CSX
Holding
SEBI passed an ex-parte interim order restraining CSX from giving effect to its EGM resolutions for voluntary surrender of recognition, alteration of Memorandum/Articles and transfer of assets, and entrusted day-to-day management to a three-member committee pending hearing and final decision on supersession.
Full text
1. Coimbatore Stock Exchange Limited (CSX) was established on July 09, 1991 as a joint stock Company limited by guarantee under the Companies Act, 1956. It was granted recognition as a Stock Exchange under Section 4 of the Securities Contracts (Regulation) Act, 1956 on September 18, 1991 initially for a period of 3 years, which was subsequently renewed from time to time under Rule 7 of Securities Contracts (Regulation) Rules, 1957.
(SCRR), Securities and Exchange Board of India Act, 1992 (SEBI Act), Rules and Regulations, SEBI Circulars/directives and its own Rules, Byelaws and Regulations by the Exchange, SEBI conducted another inspection of CSX between July 19-21, 2004.
d) CSX was yet to complete the registration formalities of the Trust for the management and administration of the Investor Protection Fund (IPF) and therefore was yet to obtain exemptions from Income Tax.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/GA/MRD/DSA/58/06. 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.