The case involves an appeal against an order dated 20th September 2018, passed by the National Company Law Tribunal (NCLT), Guwahati Bench, approving a Resolution Plan for Assam Company India Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 26th October 2017. The Securities and Exchange Board of India (SEBI) challenged the approval of the Resolution Plan, arguing that it contravenes the SEBI Act and regulations, particularly concerning the delisting of equity shares.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Assam Company India Limited (ACIL) on October 26, 2017. SEBI, acting as a statutory regulator, initiated investigations against ACIL for alleged violations of the Companies Act, LODR Regulations, and other laws, based on observations in a Secretarial Audit Report regarding misuse of funds. SEBI issued directions to stock exchanges, leading ACIL to appeal to the Securities Appellate Tribunal (SAT). The SAT stayed some of SEBI's directions and allowed ACIL to make representations to SEBI. SEBI issued an interim order on December 8, 2017, imposing certain restrictions on ACIL. ACIL challenged SEBI's actions before the Gauhati High Court, which partially set aside SEBI's letter. The NCLT, Guwahati
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Corporate Insolvency…
Ministry of Corporate…
The case involves an appeal against an order dated 20th September 2018, passed by the National Company Law Tribunal (NCLT), Guwahati Bench, approving a Resolution Plan for Assam Company India Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 26th October 2017. The Securities and Exchange Board of India (SEBI) challenged the approval of the Resolution Plan, arguing that it contravenes the SEBI Act and regulations, particularly concerning the delisting of equity shares.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Assam Company India Limited (ACIL) on October 26, 2017. SEBI, acting as a statutory regulator, initiated investigations against ACIL for alleged violations of the Companies Act, LODR Regulations, and other laws, based on observations in a Secretarial Audit Report regarding misuse of funds. SEBI issued directions to stock exchanges, leading ACIL to appeal to the Securities Appellate Tribunal (SAT). The SAT stayed some of SEBI's directions and allowed ACIL to make representations to SEBI. SEBI issued an interim order on December 8, 2017, imposing certain restrictions on ACIL. ACIL challenged SEBI's actions before the Gauhati High Court, which partially set aside SEBI's letter. The NCLT, Guwahati
…Corporate Insolvency…
Ministry of Corporate…