sebi:WTM/GM/EFD/64/2017-18
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Facts / Headnote
No directions issued under sections 11 and 11B of the SEBI Act, 1992 against the noticees; SCN dated October 20, 2016 not acted upon
Provisions invoked
- s. 11B
- s. 11A
- s. 11
- s. 11(4)
- s. 11D
- s. 24(1)
- s. 24
- s. 127
- s. 205
- s. 207
Parties
- Mr. Sudarshan Venkatraman
- Mr. Ramanaujam Sesharathnam
- Mr. Parthasarathy Srikanth
- Mr. Madurai Gajanathan
- Mr. S. Rajagopal
- Mr. V. K Ramani
- Mr. Vasanthakumar Ayyavu Palanichamy
Holding
The Adjudicating Officer declined to pass any directions under sections 11 and 11B of the SEBI Act, 1992 against the noticees for non-payment of dividend by Zylog Systems Limited, as contemplated in the SCN dated October 20, 2016.
Full text
_____________________________________________________________________________ Order in the matter of Zylog Systems Limited. Page 2 of 13 declared was Rs.16,44,64,200 (Rupees Sixteen crores forty four lakhs sixty four thousand two hundred only).
_____________________________________________________________________________ Order in the matter of Zylog Systems Limited. Page 3 of 13
_____________________________________________________________________________ Order in the matter of Zylog Systems Limited. Page 4 of 13 actions by the management. Not only with respect to the dividend issue, but even otherwise, all the decisions were not taken after due consultation or any discussion whatsoever with the other members of the Board. Further, even the compliances were not made by the management which were statutorily required to be made. Even at the time when the Dividend was not yet announced, he had wanted the management to avoid the same as the company too was very weak. Yet, the management decided to proceed with the same which resulted in such a sorry state of affairs.
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Source: SecMarx — sebi:WTM/GM/EFD/64/2017-18. 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.