Disposing of case against Mr. Adi Meherji Sethna of M/s Rane Computers Consultancy Limited
- Order No.WTM/KMA/OIAE/356/02/2011
Ratio decidendi
The rule this decision rests on
Where a noticee against whom proceedings are pending and directions have been issued dies, the proceedings against him abate. The show cause notice is then disposed of, and the directions against him are revoked, only so far as he is concerned.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
WTM/KMA/OIAE/356/02/2011 SECURITIES AND EXCHANGE BOARD OF INDIA ORDER DIRECTIONS UNDER SECTIONS 11(4)(b) AND 11B OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 IN THE MATTER OF RANE COMPUTERS CONSULTANCY LIMITED 1. The Securities and Exchange Board of India (hereinafter referred to as SEBI), vide Order dated December 13, 2010 inter alia restrained Rane Computers Consultancy Limited (hereinafter referred to as the Company) and its directors, Mr. Adi Meherji Sethna, Mr. Rane Ujwala Dinesh, Mr. M. C. Jayaraman and Mr. Rane Dinesh Anant from accessing the securities market and prohibited them from buying, selling or otherwise dealing in securities, directly or indirectly, till all the pending investor grievances against the Company are resolved and the same is reported to and confirmed by SEBI. The said Order was passed against the Company as it failed to redress the pending investor grievances. Directions were also issued against the directors of the Company as they were in-charge and responsible for the affairs of the Company. Subsequent to the Order, Dr. (Mrs.) Niloufer Shroff, vide letter dated January 14, 2011 informed SEBI that her father, Mr. Adi Meherji Sethna (one of the directors of the Company as per the aforesaid Order) had expired on October 17, 2006. She had also enclosed the copy of the death certificate issued by Municipal Corporation of Delhi to that effect. In view of the same, the proceeding initiated against Mr. Adi Meherji Sethna in the matter has abated. 2. In view of the foregoing, I, in exercise of powers conferred upon me under Section 19 of the Securities and Exchange Board of India Act, 1992 and Sections 11(4) and 11B thereof, hereby dispose of the show cause notice dated November 11, 2009 in the matter of Rane Computers Consultancy Limited in so far as Mr. Adi Meherji Sethna is concerned. Accordingly, the directions issued against Mr. Adi Meherji Sethna, vide Order dated December 13, 2010 in the matter is revoked with immediate effect. 3. A copy of this Order shall be sent forthwith to the Depositories for necessary action.
DR. K. M. ABRAHAM WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA
PLACE: MUMBAI DATE: FEBRUARY 11, 2011
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