sebi:WTM/KMA/OIAE/359/02/2011
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Facts / Headnote
Show cause notice dated November 16, 2009 disposed of in so far as Mr. Aravindbhai V. Shah is concerned; directions issued against him vide Order dated December 8, 2010 revoked with immediate effect.
Provisions invoked
- s. 19
Parties
- Chicago Software Industries Limited
- Aravindbhai V. Shah
Holding
The directions issued against Mr. Aravindbhai V. Shah vide Order dated December 8, 2010 are revoked with immediate effect, and the show cause notice dated November 16, 2009 is disposed of insofar as he is concerned.
Full text
SECURITIES AND EXCHANGE BOARD OF INDIA ORDER DIRECTIONS UNDER SECTIONS 11(4)(b) AND 11B OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 IN THE MATTER OF CHICAGO SOFTWARE INDUSTRIES LIMITED
1. The Securities and Exchange Board of India (hereinafter referred to as SEBI), vide Order dated December 8, 2010 inter alia restrained Chicago Software Industries Limited (previously known as Chicago Futures Markets and Financials Limited) from accessing the securities market and prohibited it from buying, selling or otherwise dealing in securities, directly or indirectly, till all pending investor grievances against the said company are resolved and the same is reported to and confirmed by SEBI. The said Order was passed against the Company as it failed to redress the pending investor grievances. Directions were also issued against the directors of the Company who were in-charge and responsible for the affairs of the Company. Subsequent to the Order, Mrs. Pushpaben A. Shah, vide letter dated December 20, 2010 informed SEBI that her husband, Mr. Aravindbhai V. Shah (one of the directors of the Company as per the aforesaid Order) had expired on September 21, 1999. She had also enclosed a copy of the death certificate issued by Surat Municipal Corporation to that effect. In view of the same, the proceeding initiated against Mr. Aravindbhai V. Shah in the matter has to terminate.
2. In view of the foregoing, I, in exercise of powers conferred upon me under Section 19 of the Securities and Exchange Board of India Act, 1992 and Sections 11(4) and 11B thereof, hereby dispose of the show cause notice dated November 16, 2009 in the matter of Chicago Software Industries Limited in so far as Mr. Aravindbhai V. Shah is concerned. Accordingly, the directions issued against Mr. Aravindbhai V. Shah, vide
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Source: SecMarx — sebi:WTM/KMA/OIAE/359/02/2011. 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.