sebi:CO/EFD/DRA3/100/September/2016
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Facts / Headnote
Settlement order disposing of pending adjudication proceedings against the applicant upon payment of settlement charges
Regulations
- Reg. 17
- Reg. 95(1)
Parties
- Vikas ecoTech Ltd. (formerly Vikas GlobalOne Ltd.)
Holding
SEBI approved the settlement of adjudication proceedings against Vikas ecoTech Ltd. for violation of Regulation 95(1) of the ICDR Regulations, on payment of Rs.2,00,000 towards settlement charges, and the settlement order disposes of the pending proceedings.
Full text
before November 16, 2014. The applicant failed to complete the bonus issue within 2 months from the date of approval of Board of Directors on September 17, 2014 and instead completed the process only on November 18, 2014, resulting in the violation of the provisions of regulation 95(1) of the ICDR Regulations.
8. The settlement order passed on this the 28th day of September, 2016 shall come into force with immediate effect. 9. In terms of Regulation 17 of SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014, copies of this order are being sent to the applicant viz. Vikas ecoTech Ltd. (formerly Vikas GlobalOne Ltd.) having its registered office at Vikas House, 34/1, East Punjabi Bagh, New Delhi – 110026.
4. Pursuant to the Internal Committee meeting on April 28, 2016, vide letter dated May 3, 2016, the applicants proposed the revised consent terms to settle the aforesaid violation by offering to pay a sum of Rs.2,00,000 (Rupees Two Lakhs only) towards settlement charges .
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Source: SecMarx — sebi:CO/EFD/DRA3/100/September/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.