sebi:WTM/RKA/OIAE/114/2014
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Facts / Headnote
Disposed of as infructuous
Provisions invoked
- s. 446
Parties
- Ventron Polymers Ltd.
Holding
The adjudication proceedings initiated against Ventron Polymers Ltd. were found to be infructuous and disposed of, since a winding up order had already been passed on July 19, 2010, prior to the issuance of the SCN on March 28, 2013, and no leave of the Tribunal had been obtained as required under section 446 of the Companies Act, 1956.
Full text
__________________________________________________________________________________ In the matter Ventron Polymers Ltd. Page 2 of 2
4. Subsequently, SEBI observed that the winding up order in respect of the company had been passed on July 19, 2010, which is prior to the date of issue of the SCN in the present matter i.e. March 28, 2013. I further note that section 446 of the Companies Act, 1956 mandates that “When a winding up order has been made or the official liquidator has been appointed as provisional liquidator, no suit or other legal proceeding shall be commenced … against the company except by leave of the (Tribunal) …”.
5. I am of the opinion that the present proceedings falls under the scope of the phrase “other legal proceedings” used in the section 446. Further I note that there is no material on record to suggest that leave of the Court has been taken before starting the present proceedings.
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Source: SecMarx — sebi:WTM/RKA/OIAE/114/2014. 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.