sebi:WTM/RKA/OIAE/99/2014
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Facts / Headnote
Disposed of as infructuous
Provisions invoked
- s. 446
Parties
- MTZ Industries Ltd.
- Directors of MTZ Industries Ltd.
Holding
The adjudication proceedings initiated against MTZ Industries Ltd. and its directors were held to be infructuous and contrary to section 446 of the Companies Act, 1956, and were accordingly disposed of.
Full text
In the matter of M/s. MTZ Industries Ltd. Page 2 of 2 4. Subsequently, a letter was written to RoC - Mumbai to confirm the status of MTZ. The Registrar of Companies, Ministry of Corporate Affairs vide its letter dated May 27, 2014 confirmed that, MTZ is under liquidation and Hon'ble High Court of Bombay has appointed Official Liquidator as the liquidator with effect from July 19, 2010 in Company Petition No. 131 of 2002.
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) …”.
6. 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/99/2014. 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.