sebi:CFD/OTCO/EAD/AO/KS/CO-01/2018
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Facts / Headnote
Settlement order disposing of adjudication proceedings initiated against the Noticee vide SCN dated June 21, 2017, on payment of Rs.2,00,000/-
Provisions invoked
- s. 15
Regulations
- Reg. 17
- Reg. 15
Parties
- OTCO International Limited
Holding
The adjudication proceedings against OTCO International Limited initiated vide SCN dated June 21, 2017 are disposed of pursuant to settlement on payment of Rs.2,00,000/- towards settlement charges.
Full text
Page 2 of 3 December 30, 2007 as prescribed in section 15.1.7 of DIP Guidelines, 2000. However, OTCO completed the bonus issue on January 29, 2008 i.e. with a delay of 30 days from the due date for completion of bonus shares. It was alleged that the Noticee has not completed the process of bonus issue within six months as prescribed under Guideline 15.1.7 of SEBI DIP Guidelines 2000. Hence, the Noticee has violated the provisions of section 15.1.7 of SEBI DIP Guidelines 2000.
Page 3 of 3 6. This order is without prejudice to the right of SEBI to take enforcement actions including commencing /re-opening of the pending proceedings against the Noticee, if SEBI finds that : a. any representation made by the Noticee in the settlement proceedings are subsequently discovered to be untrue. b. the Noticee has breached any of the clauses / conditions of undertakings / waivers filed during the current settlement proceedings.
3. The Noticee had submitted an application vide no. 3314/2017 dated July 15,2017 and an undertaking 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.2,00,000/- (Rupees Two Lakh Only) towards settlement charges was placed before the High Powered Advisory Committee ( hereinafter referred to as ‘HPAC’) on November 27, 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.2,00,000/-.Thereafter, the recommendation of HPAC were approved by the panel of Whole Time Members of SEBI on January 03,2018.
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Source: SecMarx — sebi:CFD/OTCO/EAD/AO/KS/CO-01/2018. 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.