sebi:AO/BS/3/2009
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Facts / Headnote
Consent order disposing of pending adjudication proceedings against the applicant upon payment of settlement charges
Holding
The adjudication proceedings pending against the applicant are disposed of through a consent order, upon the applicant remitting Rs.6,00,000/- towards settlement charges without admitting or denying the charges.
Full text
3. While the above proceedings were in progress, the applicant vide letter dated June 18, 2008 proposed settlement of the said proceedings through a consent order in terms of SEBI Circular No. EFD/ED/Cir-1/2007 dated April 20, 2007. The applicant proposed revised consent terms vide letter dated December 11, 2008. The High Powered Advisory Committee constituted by SEBI considered the consent terms proposed by the applicant and recommended the case for settlement. Accordingly, the applicant shall pay Rs.6,00,000/- (Rupees Six Lakh Only) towards settlement charges. SEBI accepted the said recommendations and communicated the same to the applicant vide letter dated February 16, 2009.
4. Accordingly, the applicant, without admitting or denying the charges, has remitted a sum of Rs. 6,00,000/- (Rupees Six lakh Only) towards settlement charges vide demand draft No.501267 dated February 20, 2009 drawn on ICICI Bank Ltd, Mumbai payable at Mumbai.
5. In view of the above, it is hereby ordered that this consent order disposes of the said adjudication proceedings pending against the applicant.
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Source: SecMarx — sebi:AO/BS/3/2009. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.