{"id":222004,"date":"2019-11-13T09:30:19","date_gmt":"2019-11-13T04:00:19","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=222004"},"modified":"2019-11-21T14:12:33","modified_gmt":"2019-11-21T08:42:33","slug":"sebi-adjudication-proceedings-under-sebi-act-against-a-noticee-whose-commencement-of-liquidation-has-been-ordered-cannot-be-initiated-without-leave-of-nclt","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/13\/sebi-adjudication-proceedings-under-sebi-act-against-a-noticee-whose-commencement-of-liquidation-has-been-ordered-cannot-be-initiated-without-leave-of-nclt\/","title":{"rendered":"SEBI | Adjudication proceedings under SEBI Act against a Noticee whose commencement of liquidation has been ordered, cannot be initiated without leave of NCLT\u00a0"},"content":{"rendered":"<p style=\"text-align: justify;\"><b>Securities and Exchange Board of India (SEBI): <\/b>V.S. Sundaresan, Adjudicating Officer, quashed the adjudicating proceedings initiated against ABG Shipyard Limited, holding them to be infructuous.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\">SEBI examined the status of compliance with the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, by ABG Shipyard (\u201cNoticee\u201d), whose equity shares are listed on BSE and NSE. During the examination, SEBI observed that the Noticee did not make requisite disclosure under Regulation 40(10) read with 40(9), Regulation 7(3) and 13(3) of LODR Regulations.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\">On 8-8-2019, V.S. Sundaresan was appointed as Adjudicating Officer to inquire into and adjudge in the manner specified under Rule 4 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 read with Section 15-I (1) and (2) of SEBI Act, and if satisfied, impose a penalty.<b> <\/b>Accordingly, Notice was issued ABG Shipyard.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\">During enquiry, it was observed that the National Company Law Tribunal, vide its order dated 25-4-2019, had ordered the commencement of liquidation of Noticee and also appointed a liquidator therefor under Section 34(2) of the Insolvency and Bankruptcy Code, 2016; whereas, the instant adjudication proceedings were initiated vide order dated 8-8-2019.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\">In order to examine the maintainability of the instant adjudication proceedings against the Noticee, the Board referred to Section 446 of the Companies Act, 1956, and its corresponding Section 279 of the Companies Act, 2013, whose provisions are in pari materia, insofar as the commencement or continuation of any \u201cother legal proceedings\u201d, after appointment of liquidator, are concerned.<\/p>\n<p style=\"text-align: justify;\">Referring also to the decision of the Bombay High Court in <i>Deutsche Bank<\/i> v. <i>S.P. Kala<\/i>, (1990) 67 Com Cases, the Board observed: <b>\u201c\u2026 it is mandatory and a pre-condition to obtain the leave of NCLT for commencing the instant proceedings against the Noticee, which is under liquidation in terms of order dated April 25, 2019 passed by NCLT. It is pertinent to note that there is no material on record to suggest that leave of NCLT has been taken in the instant proceedings.\u201d<\/b>. It was concluded that instant adjudication proceedings against the Noticee had been initiated after the order of commencement of liquidation and, that too, without the leave of the NCLT.<\/p>\n<p style=\"text-align: justify;\">In view of the foregoing, the Board held that the adjudication proceedings initiated against ABG Shipyard Limited, vide order dated 8-8-2019, and show cause notice dated 18-10-2019 are infructuous and, therefore, cannot be proceeded with. [ABG Shipyard Ltd., In re,\u00a0<a href=\"http:\/\/www.scconline.com\/DocumentLink\/1qdpnp48\"><b>2019 SCC OnLine SEBI 248<\/b><\/a>, decided on 11-11-2019]<span class=\"Apple-converted-space\">\u00a0 \u00a0 \u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Securities and Exchange Board of India (SEBI): V.S. Sundaresan, Adjudicating Officer, quashed the adjudicating proceedings initiated against ABG Shipyard Limited, holding them <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[38248,31614,29690,31613,37457,22874],"class_list":["post-222004","post","type-post","status-publish","format-standard","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-abg-shipyard-limited","tag-adjudication-proceedings","tag-liquidation","tag-noticee","tag-sebi-listing-obligations-and-disclosure-requirements-regulations","tag-section-279-of-companies-act"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI | Adjudication proceedings under SEBI Act against a Noticee whose commencement of liquidation has been ordered, cannot be initiated without leave of NCLT\u00a0 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/13\/sebi-adjudication-proceedings-under-sebi-act-against-a-noticee-whose-commencement-of-liquidation-has-been-ordered-cannot-be-initiated-without-leave-of-nclt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEBI | Adjudication proceedings under SEBI Act against a Noticee whose commencement of liquidation has been ordered, cannot be initiated without leave of NCLT\u00a0\" \/>\n<meta property=\"og:description\" content=\"Securities and Exchange Board of India (SEBI): V.S. 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The SEBI had initiated adjudication proceedings against the noticee - Prabir Chakravarti, Member of Board of Directors of Bhoruka Aluminum\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":253200,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/25\/sebi-without-going-into-merits-adjudication-proceedings-abated-considering-the-death-of-the-noticee\/","url_meta":{"origin":222004,"position":1},"title":"SEBI | Without going into merits, adjudication proceedings abated considering the death of the Noticee","author":"Editor","date":"August 25, 2021","format":false,"excerpt":"Securities and Exchange Board of India (SEBI): Prasanta Mahapatra, Adjudicating Officer, was of the view that the adjudication proceedings against the Noticee were liable to be abated without going into the merits of the case qua him considering the death of the Noticee. In the instant matter the show cause\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":274351,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/09\/24\/supreme-court-special-leave-petition-securities-and-exchange-board-of-india-show-cause-notice-bombay-high-court-sebi-prohibition-of-fraudulent-and-unfair-trade-practices-relating-to-securities\/","url_meta":{"origin":222004,"position":2},"title":"Supreme Court observes documents relied upon for formation of opinion under Rule 3 of the SEBI Adjudication Rules 1995, not required to be disclosed to the noticee unless relied upon in the inquiry","author":"Editor","date":"September 24, 2022","format":false,"excerpt":"Supreme Court: In a special leave petition against the impugned judgment passed by the Bombay High Court, whereby, the Court dismissed the writ petition filed by the petitioner to sought directions against Securities and Exchange Board of India (SEBI) to forthwith furnish the documents relied upon by them to issue\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/Supreme-Court-1.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/Supreme-Court-1.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/Supreme-Court-1.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/Supreme-Court-1.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/Supreme-Court-1.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":362114,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/30\/sebi-on-partners-liability-in-partnership-firm\/","url_meta":{"origin":222004,"position":3},"title":"All partners have unlimited liability for acts of partnership firm irrespective of their role or profit share: SEBI","author":"Nikita","date":"September 30, 2025","format":false,"excerpt":"With respect to noticee\u2019s liability as a partner, the noticee submitted that she resigned within short span of time and did not receive any remuneration or profit from the firm. Further, she was not a part of decisions or involved in day-to-day affairs of the firm.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"partners liability in partnership firm","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/partners-liability-in-partnership-firm.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/partners-liability-in-partnership-firm.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/partners-liability-in-partnership-firm.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/partners-liability-in-partnership-firm.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":269006,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/24\/sebi-insider-trading-case-against-varun-beverages-chairman-ravi-kant-jaipuria-comes-to-a-close-after-payment-of-rs-56-lakhs\/","url_meta":{"origin":222004,"position":4},"title":"SEBI | Insider Trading case against Varun Beverages Chairman Ravi Kant Jaipuria comes to a close after payment of Rs. 56 Lakhs","author":"Editor","date":"June 24, 2022","format":false,"excerpt":"Securities Exchange Board of India (SEBI): The proceedings against Varun Beverages\u2019 Ravi Kant Jaipuria came to an end after a settlement of Rs.55,90,000 was reached between SEBI\u2019s Internal Committee and Jaipuria\u2019s Authorized Representatives. Adjudicating Officer Barnali Mukherjee left it open to SEBI to take enforcement actions, in terms of Regulation\u2026","rel":"","context":"In &quot;Tribunals\/Commissions\/Regulatory Bodies&quot;","block_context":{"text":"Tribunals\/Commissions\/Regulatory Bodies","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/tribunals_commissions_regulatorybodies\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":302196,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/09\/22\/sebi-imposes-65-lakhs-penalty-on-stock-traders-violating-insider-trading-rules-legal-news\/","url_meta":{"origin":222004,"position":5},"title":"65 lakhs penalty imposed on stock traders by SEBI for violating insider trading rules in ABC Bearings and Timken India amalgamation","author":"Editor","date":"September 22, 2023","format":false,"excerpt":"The merchant banker responsible for providing fair opinion to the ABC was given clean chit of the allegations of insider trading for lack of substantial evidence.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/222004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=222004"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/222004\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=222004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=222004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=222004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}