sebi:WTM/RKA/OIAE/98/2014
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Facts / Headnote
Disposed of as infructuous
Provisions invoked
- s. 446
Parties
- Mafatlal Dyes & Chemicals
- Directors of Mafatlal Dyes & Chemicals
Holding
The present adjudication proceedings initiated against Mafatlal Dyes & Chemicals and its directors were found to be infructuous and contrary to section 446 of the Companies Act, 1956, and were accordingly disposed of.
Full text
In the matter of Mafatlal Dyes & Chemicals Page 2 of 2 4. Replying to the SCN, Mr. Atulyabhai Mafatlal, vide his letter dated May 21, 2013 submitted that the Hon'ble High Court of Bombay, in Company Petition No. 900 of 2005 had ordered on July 19, 2010 for winding up of Mafatlal and the Official Liquidator, Bombay has been appointed Liquidator of the company.
5. I note that in the present matter, the winding up order had been passed on July 19, 2010 which is prior to the SCNs dated March 28, 2013 and April 26, 2013 issued in the present matter. 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) …”.
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Source: SecMarx — sebi:WTM/RKA/OIAE/98/2014. 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.