Dispossing of case against Late Mr. Aravindbhai V. Shah of M/s. Chicago Software Industries Limited previously known as Chicago Futures Markets and Financials Limited
- Order No.WTM/KMA/OIAE/359/02/2011
Ratio decidendi
The rule this decision rests on
Proceedings initiated against a noticee in a show cause notice terminate on his death, where the death is established by a death certificate. Directions issued against the deceased noticee in the interim order fall away with the proceeding, and are revoked.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
1. The Securities and Exchange Board of India (hereinafter referred to as SEBI), vide Order dated December 8, 2010 inter alia restrained Chicago Software Industries Limited (previously known as Chicago Futures Markets and Financials Limited) from accessing the securities market and prohibited it from buying, selling or otherwise dealing in securities, directly or indirectly, till all pending investor grievances against the said 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 who were in-charge and responsible for the affairs of the Company. Subsequent to the Order, Mrs. Pushpaben A. Shah, vide letter dated December 20, 2010 informed SEBI that her husband, Mr. Aravindbhai V. Shah (one of the directors of the Company as per the aforesaid Order) had expired on September 21, 1999. She had also enclosed a copy of the death certificate issued by Surat Municipal Corporation to that effect. In view of the same, the proceeding initiated against Mr. Aravindbhai V. Shah in the matter has to terminate. 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 16, 2009 in the matter of Chicago Software Industries Limited in so far as Mr. Aravindbhai V. Shah is concerned. Accordingly, the directions issued against Mr. Aravindbhai V. Shah, vide Order dated December 8, 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 21, 2011
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