sebi:CFD/EAD-6/AO/AK/209/2014
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Facts / Headnote
Settlement Order disposing of pending Adjudication Proceedings against the Applicant for delayed compliance of Regulation 8(3) of the Takeover Regulations, on payment of Rs. 7,09,750/-
Regulations
- Reg. 17
- Reg. 15
- Reg. 8(3)
Holding
The Settlement Order disposes of the pending Adjudication Proceedings against the Applicant for delayed compliance of Regulation 8(3) of the Takeover Regulations, upon payment of Rs. 7,09,750/- as settlement charges.
Full text
Page 2 of 3 3. It was observed that the applicant, a listed company did not make necessary disclosures within the stipulated time as per the aforementioned provisions, details of which are as given below: Regulation Due Date of compliance Date of compliance Delay - in no. of days 8(3) 30.04.1998 20.09.2011 4,892 8(3) 30.04.1999 20.09.2011 4,527 8(3) 30.04.2000 20.09.2011 4,161 8(3) 30.04.2001 20.09.2011 3,796 8(3) 30.04.2002 20.09.2011 3,431 8(3) 30.04.2003 20.09.2011 3,066 8(3) 30.04.2004 20.09.2011 2,700 8(3) 30.04.2005 20.09.2011 2,335 8(3) 30.04.2006 20.09.2011 1,970 8(3) 30.04.2007 20.09.2011 1,605 8(3) 30.04.2008 20.09.2011 1,239 8(3) 30.04.2009 20.09.2011 874 8(3) 30.04.2010 20.09.2011 509 8(3) 30.04.2011 20.09.2011 144
Page 3 of 3 (Rupees Seven Lakh, Nine Thousand, Seven Hundred and Fifty only) towards the settlement charges. 7. In view of the above, in terms of Regulation 15 (1) of SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014 it is hereby ordered that: i. this Settlement Order disposes of the said Adjudication Proceedings pending in respect of the Applicant as mentioned above and; ii. passing of this Order is without prejudice to the right of SEBI to take enforcement actions including commencing/ reopening of the pending proceedings against the Applicant, if SEBI finds that: a. any representations made by the Applicant in the consent proceedings are subsequently discovered to be untrue; b. the Applicant has breached any of the clauses/ conditions of undertakings/ waivers filed during the current consent proceedings.
4. The representatives of the applicant had a meeting with the Internal Committee of SEBI where the terms of settlement was deliberated upon. Thereafter, the applicant vide its letter dated June 18, 2014 proposed the revised consent terms to settle the aforesaid adjudication proceedings for the delayed compliance of Regulation 8(3) of the Takeover Regulations by offering to pay a sum of Rs. 7,09,750/- (Rupees Seven Lakh, Nine Thousand, Seven Hundred and Fifty only) towards settlement charges.
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Source: SecMarx — sebi:CFD/EAD-6/AO/AK/209/2014. 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.