sebi:CO/EFD/92/FEB/2016

SEBI · SEBI · 2015-10-09 · Rajeev Kumar Agarwal and Prashant Saran, Whole Time Members

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Facts / Headnote

Settlement of violation of Regulation 8(2) of the Takeover Regulations upon payment of Rs.2,40,000 towards settlement charges; no enforcement action to be initiated.

Regulations

• Reg. 3
• Reg. 8(2)

Holding

The violation of Regulation 8(2) of the Takeover Regulations, 1997 by the applicant is settled in accordance with the approved settlement terms upon payment of Rs.2,40,000 towards settlement charges, and SEBI shall not initiate any enforcement action against the applicant for the said violation.

Full text

of the provisions of Regulation 8(2) of Takeover Regulations. 3. Pursuant to the Internal Committee meeting on October 08, 2015,vide letter dated October 9, 2015, the applicant proposed the revised consent terms to settle the aforesaid violation by offering to pay a sum of Rs.2,40,000 (Rupees Two Lakh Forty Thousand only) towards settlement charges .

4. The High Powered Advisory Committee (HPAC) in its meeting held on October 21, 2015, considered the settlement terms proposed by the applicant and recommended the case for settlement upon payment ofRs.2,40,000 (Rupees Two Lakh Forty Thousand only)towards settlement charges and the same was approved bythe Panel of Whole Time Members.Thereafter, the same was communicated to the applicant, vide email dated December 18, 2015.

5. Accordingly, the applicants have, vide Demand Draft No. 500539 dated December 19, 2015 drawn on ICICI Bank Ltd., remitted a sum of Rs.2,40,000 (Rupees Two Lakh Forty Thousand only)towards the settlement charges.

Source: SecMarx — sebi:CO/EFD/92/FEB/2016. 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.