Markets regulator Sebi on Tuesday disposed of a case against Arvind Lifestyle Brands Ltd saying the adjudication proceedings pertained to an unlisted company where it "has no jurisdiction".
Arvind Lifestyle was one of the clients of the registrar and transfer agent (RTA) Sharepro Services (I) Pvt Ltd.
Through an interim order passed in March 2016, Sebi had directed the clients of Sharepro to conduct a thorough audit of the records and systems of the RTA within a period of three months and thereafter submit a report to the regulator in this regard, among others.
According to a fresh ruling, Arvind Lifestyle failed to comply with the directions issued by Sebi through the March 2016 order, following which the regulator initiated adjudication proceedings against the firm.
"I find that the present adjudication proceedings are in respect of an unlisted company where Sebi has no jurisdiction," the regulator's Adjudicating Officer K Saravanan said.
"In view of the same, I am of the opinion that the allegation of failure to comply with the directions issued by... Sebi vide order dated March 22, 2016 against the noticee (Arvind Lifestyle) does not stand established, as the noticee is not listed on any stock exchange," he added.
Accordingly, the regulator disposed of the adjudication proceedings against Arvind Lifestyle.