sebi:CFD/SVFL/EAD/AO/KS/CO-02/2018
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Facts / Headnote
Settlement order disposing of the adjudication proceedings initiated against the Noticee vide SCN dated September 26, 2017, on payment of Rs. 6,80,000/- as settlement charges.
Provisions invoked
- s. 21
Regulations
- Reg. 17
- Reg. 15
Parties
- Shree Vatsaa Finance and Leasing Limited
Holding
The adjudication proceedings initiated against the Noticee vide SCN dated September 26, 2017 are disposed of in terms of Regulation 15(1) of the Settlement Regulations, pursuant to settlement on payment of Rs. 6,80,000/-.
Full text
Page 2 of 3 3. It was alleged that Noticee has complied with the MPS requirement, as stipulated under clause 40A of the Listing Agreement read with Rule 19A of the SCRR read with Section 21 of the SCRA on October 20, 2016.
Page 3 of 3 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.
4. The Noticee had submitted an application vide no. 3411/2017 dated November 27,2017 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.6,80,000/- (Rupees Six Lakh Eighty Thousand Only) towards settlement charges was placed before the High Powered Advisory Committee ( hereinafter referred to as ‘HPAC’) on April 09, 2018. 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.6,80,000/-. Thereafter, the recommendation of HPAC were approved by the panel of Whole Time Members of SEBI on May 02,2018.
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Source: SecMarx — sebi:CFD/SVFL/EAD/AO/KS/CO-02/2018. 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.