2025 (5) TMI 412

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....has been divested / relieved of his responsibilities as administrator in the recovery proceedings initiated against 'M/s. En Aromatic & Petro Chemicals Pvt. Ltd.' under Section 28A of the SEBI Act, 1992 by the Securities and Exchange Board of India (SEBI / respondent no. 1). The said communication reads as under: "Mr. Gulshan Kumar Gupta 202, Kumar House, Central Market, Prashant Vihar, New Delhi-110082. Sir, Sub: Recovery Proceedings in the matter of En Aromatic & Petro Chemicals Ltd. This has reference to your appointment as Administrator in the captioned matter as per terms of appointment communicated to you vide email dated May 31, 2019. However, it has now been decided by SEBI to withdraw your appointment as an Administrato....

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....etter dated May 31, 2019 along with terms of appointment. Hard copy of the same has been dispatched through speed post. In case of any further information/clarification required in the matter, the undersigned may please be contacted. With Regards Parmanand Assistant General Manager Securities and Exchange Board of India (SEBI) Northern Regional Office." The aforesaid letter was communicated to the respondent vide email communication dated 03.06.2019 along with the terms of appointment of the petitioner. 5. Concededly, the appointment of the petitioner as the Administrator in the matter of 'En Aromatic & Petro Chemicals Pvt. Ltd.' was made in terms of Regulation 4 of the SEBI (Appointment of Administrator and Procedure for Refu....

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.... the concerned regulations provide as under: "Terms of appointment. 6. The terms and conditions of appointment including remuneration shall be specified by the Board, on a case to case basis, after taking into consideration the quantum of work, the number of investors and the quantum of money involved." 10. It is the common case of the respective counsel for the parties that the petitioner's remuneration is governed by a circular dated 02.04.2019 issued by the Deputy General Manager, Recovery Division-1, Recovery and Refund Department, SEBI (respondent no. 2) which prescribes a graded payment mechanism depending upon the amount realized by the Administrator by way of sale of assets of the company in question (M/s. En Aromatic & Petro C....