sebi:CFD/EAD/AO/KS/VB/CO-06/2017
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Facts / Headnote
Adjudication proceedings initiated vide SCN dated July 11, 2017 disposed of by settlement upon payment of settlement charges
Provisions invoked
- s. 15H
Regulations
- Reg. 4
- Reg. 17
- Reg. 15
- Reg. 3(1)
- Reg. 3(3)
Parties
- Mr Kalpak Vohra
Holding
The adjudication proceedings initiated against Mr Kalpak Vohra vide SCN dated July 11, 2017 are disposed of in terms of Regulation 15(1) of the Settlement Regulations upon payment of Rs.28,12,500 towards settlement charges.
Full text
Page 2 of 3 which exceeded the threshold limit for public announcement to be made for open offer in terms of Regulation 3(1) read with Regulation 3(3) of SAST, 2011 for acquiring more than 25% of equity shares in company and Regulation 4 of SAST, 2011 for change in control. It was alleged that Noticee has violated the provision of Regulation 3(1) read with Regulation 3(3) and Regulation 4 of SAST, 2011. The alleged failure on the part of the Noticee to comply with the aforementioned provisions of law made the Noticee liable for monetary penalty under Section 15H(ii) of the SEBI Act.
Page 3 of 3 6. In view of the above, in terms of Regulation 15 (1) of the Settlement Regulations, it is hereby ordered that this settlement order disposes of the adjudication proceedings initiated against the Noticee vide SCN dated July 11, 2017.
3. The Noticee had suo-moto submitted an application vide no. 3137/2016 dated July 31, 2016 and an undertakings and waivers in the format prescribed by SEBI for settlement of the matter in terms of SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014 (hereinafter referred to as ‘Settlement Regulations’). Pursuant to the said application, the settlement terms as proposed by the Noticee for an amount of Rs.28,12,500/- (Rupees Twenty Eight Lakh Twelve Thousand Five Hundred Only) towards settlement charges was placed before the High Powered Advisory Committee ( hereinafter referred to as ‘HPAC’) on July 05, 2017. After considering the facts and circumstances of the case, the HPAC recommended that the case may be settled by the Noticee on payment of Rs. 28,12,500/-.
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Source: SecMarx — sebi:CFD/EAD/AO/KS/VB/CO-06/2017. 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.