sebi:CO/CFD-ISD/83/AUG/2015
Facts / Headnote
Settled on payment of settlement charges - SEBI shall not initiate enforcement action for the said delayed compliances
Regulations relied on
- SEBI (PIT) Regulations, 1992 — 13(1)
- SEBI (SAST) Regulations, 1997 — 7(1)
Holding
The delayed compliances with regulations 7(1) read with 7(2) of the Takeover Regulations, 1997 and regulation 13(1) read with 13(6) of the PIT Regulations, 1992 in respect of the transactions in paragraphs 1 and 2 are settled on payment of Rs. 23,13,776 towards settlement charges, and SEBI shall not initiate enforcement action against the applicant for the said delayed compliance.
Full text
Page 2 made only on July 14, 2014. Hence, there was a delay of 2931 days in compliance with regulation 13(1) read with 13(6) of the PIT Regulations. Thereafter, vide letter dated August 19, 2014, the applicant revised the consent application seeking settlement of the alleged violation of regulation 13(1) read with 13(6) of PIT Regulations in addition to the alleged violation of regulations 7(1) read with 7(2) of the Takeover Regulations.
Page 3 compliance. 7. This order is without prejudice to the right of the Securities and Exchange Board of India to initiate enforcement actions against the applicants, if: a) any representation made by the applicants in this consent proceeding is subsequently discovered to be untrue; or b) the applicants breach any of the consent terms or undertakings filed in this consent proceeding.
3. Pursuant to the Internal Committee meeting, vide letter dated January 15, 2015, the applicant proposed the revised consent terms to settle the aforesaid delayed compliances by offering to pay a sum of ` 23,13,776/- (Rupees Twenty Three Lakhs Thirteen Thousand Seven Hundred and Seventy Six Rupees only) towards settlement charges .
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Source: SecMarx — sebi:CO/CFD-ISD/83/AUG/2015. 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.