sebi:CO/CFD-DCR/2151/AO/SD/21/2009
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Facts / Headnote
Consent order disposing of pending adjudication proceedings against Sumeru Industries Limited on payment of Rs. 2,25,000/- (settlement charges of Rs. 2,00,000/- and administrative charges of Rs. 25,000/-).
Parties
- Sumeru Industries Limited
Holding
The adjudication proceedings pending against Sumeru Industries Limited under the SEBI Act, 1992 are disposed of pursuant to a consent settlement on payment of Rs. 2,25,000/- towards settlement and administrative charges, without admission or denial of guilt.
Full text
Page 2 of 3 3. Further, pending the adjudication proceedings, the Noticee had filed the application for consent proceedings vide the Consent Application dated December 11, 2008 and an affidavit of “Undertakings and Waivers” in the aforesaid matter in terms of SEBI Circular No. EFD/ED/Cir-1/2007 dated 20th April, 2007 and proposed to pay Rs. 2,00,000/- (Rupees Two Lakh only) towards settlement charges and Rs. 25,000/-(Rupees Twenty Five Thousand Only) towards administrative expenses for the above said adjudication proceedings vide letter dated 5th March, 2009. The terms as proposed by Noticee were placed before the High Powered Advisory Committee (HPAC) meeting held on March 30, 2009 and after considering the facts and circumstances of the case, the HPAC recommended that the case may be settled on payment of Rs. 2,00,000/- (Rupees Two Lakh only) towards settlement charges and Rs. 25,000/-(Rupees Twenty Five Thousand Only) towards administrative charges, which has been approved by the panel of Whole Time Members of SEBI on 28th April, 2009.
Page 3 of 3 (b) 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 Noticee, if SEBI finds that
4. In terms of Noticee’s proposal for the sole purpose of settling the matter on hand and without admission or denial of guilt on the part of the Noticee to the finding of fact or conclusion of law, Noticee has remitted a sum of Rs. 2,25,000/- (Rupees Two Lakh and Twenty Five Thousand Only), vide Demand Draft No. 094084 dated May 13, 2009 drawn on Axis Bank Ltd, Mumbai towards the settlement and administrative charges in the aforesaid matter.
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Source: SecMarx — sebi:CO/CFD-DCR/2151/AO/SD/21/2009. 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.