Pollachi N Mahalingam was one of the well-known entrepreneurs and industrialists of Tamil Nadu. A week after he passed away in October 2014, the Securities and Exchange Board of India (Sebi) had issued a show cause notice against him and others for alleged violations of takeover regulations in connection with acquisition of shares of Sakthi Finance.
On Wednesday, nearly two years after his death, Sebi's adjudicating officer passed an order saying the proceedings could not be continued as it became infructuous following his death. Separately, the proceedings against other connected entities were settled through a consent order.
