sebi:CA/EFD/87/JAN/2016
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Facts / Headnote
Settlement proceedings disposed of; settlement order passed under Regulation 15(2) of SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014
Regulations
- Reg. 15(2)
Holding
SEBI approved the settlement of the proceedings against the applicant for the non-compliances mentioned in Para 2, on the monetary and non-monetary terms proposed by the applicant, including payment of Rs. 19,50,000/- as monetary settlement charges.
Full text
Page 2 of 2 updated Disclosure Document, Confirmation from the principal officer in Form C and Certificate from the chartered accountants..
6. The High Powered Advisory Committee (HPAC) on February 21, 2014 considered the terms proposed by the applicant and sought information regarding (i) exact time of investment made by the applicant in the scrip of M/s Sai Rayalseema Paper Mills Ltd (SRPM); (ii) the financial condition of SRPM when the investment was made; (iii) rationale for making the investment in SRPM; (iv) whether SRPM was connected to the applicant or its management.
7. The applicant vide email dated March 25, 2014 submitted the investment details in SRPM, financial condition of SRPM at the time of investment, rationale for investment in SRPM and relation of SRPM with the applicant. The HPAC in its meeting on July 22, 2014 considered the information provided by the applicant and sought further information regarding the due diligence exercise, proper investment analysis and valuation analysis carried out by the applicant in respect of the investment made by it in SRPM.
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Source: SecMarx — sebi:CA/EFD/87/JAN/2016. 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.