sebi:WTM/RKA/OIAE/110/2014
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Facts / Headnote
SCNs disposed of; no direction passed under section 11B of the SEBI Act
Provisions invoked
- s. 11B
Parties
- Movilex Irrigation Ltd
- Directors of Movilex Irrigation Ltd
Holding
No direction under section 11B of the SEBI Act was passed against Movilex Irrigation Ltd. and its directors, and the show cause notices issued to them were disposed of.
Full text
In the matter of Movilex Irrigation Ltd Page 2 of 2 4. In reply to the SCNs the company vide its letter dated May 02, 2013 submitted that it has been declared sick company by BIFR vide case no : 397/2001 dated 16th October 2001. Besides the same, the assets of the company were acquired by the secured creditors and were auctioned by them in the year 2006 by exercising powers under SARFAESI Act 2002. SEBI has confirmed that the investor complaint in the present matter has been closed and same has been intimated to the complainant.
5. Considering the facts and circumstances of the case, I am of the view that there is no need to pass any direction under section 11B of the SEBI Act against Movilex Irrigation Ltd. and its directors, as contemplated in the SCN issued to them. The SCNs are accordingly disposed of.
Date: September, 22nd 2014 RAJEEV KUMAR AGARWAL Place: Mumbai WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA
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Source: SecMarx — sebi:WTM/RKA/OIAE/110/2014. 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.