sebi:WTM/RKA/EFD/DRA-II/52/2016
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Facts / Headnote
Show Cause Notices disposed of; no direction issued under section 11B of the SEBI Act, 1992
Provisions invoked
- s. 11B
Parties
- Mr. Dharamdutt V. Trivedi
Holding
SEBI disposed of the SCNs dated March 28, 2013 and April 17, 2013 without issuing any direction under section 11B of the SEBI Act, 1992, holding that nothing survived for adjudication.
Full text
In the matter of Shree Ambeshwar Paper Mills Limited Page 2 of 2 Paper Mills Limited is “Under Liquidation” and has been ordered to be wound up by an Order dated July 18, 2012 in Company Petition 70 of 2012. In view of this confirmation from RoC, SEBI treated the aforesaid investor complaints as closed and disposed them of accordingly. Despite such disposal of complaints, SEBI served the SCNs dated March 28, 2013 and April 17, 2013 through affixture on April 02, 2016 and thereafter, the matter was brought before me for granting of personal hearing to the noticees. No appearance was made on behalf of any of the noticees on Scheduled date of hearing on May 10, 2016.
5. I note that by an Order dated July 18, 2012 the company had been ordered to be wound up much before the SCNs were even proposed. Further, one of the noticees viz; Mr. Dharamdutt
V. Trivedi had died on December 01, 2013 before the SCN dated April 17, 2013 could be served upon him. The investor complaints that were cause of action in the matter had already been treated as closed and disposed of even before the SCNs were served on the noticees through substituted service on April 02, 2016. Considering these facts and circumstances, I am of the view that issuance and service of SCNs as above was a futile exercise.
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Source: SecMarx — sebi:WTM/RKA/EFD/DRA-II/52/2016. 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.