sebi:CO/ID-1/1338/01/2008
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Facts / Headnote
Consent order disposing of proposed prosecution proceedings for non-payment of penalty imposed by the Adjudicating Officer, on payment of Rs.50,000/- as consent terms.
Parties
- M/s Avinash Information Technology Ltd.
Holding
SEBI accepted the consent terms of Rs.50,000/- proposed by the applicant and passed a consent order disposing of the proposed prosecution for non-payment of penalty imposed by the Adjudicating Officer against M/s Avinash Information Technology Ltd.
Full text
2 No. EFD/ Cir.-1/2007, dated April 20, 2007. Pursuant to the said application, applicant, proposed Rs.50,000/- (Rupees Fifty Thousand only) towards consent terms in the matter. The terms as proposed by the applicant were placed before the High Powered Advisory Committee (HPAC) which after deliberations recommended that the case for settlement on the consent terms as proposed by the applicant be accepted.
5. In view of the foregoing , the applicant has paid a sum of Rs.50,000/- (Rupees Fifty Thousand only) in the matter as per the consent terms vide Demand Draft Nos.037528, 037529 and 037530 dated January 31, 2008 drawn on Punjab and Maharashtra Co-op Bank Ltd., Mumbai.
6. Now, therefore, it is hereby ordered that: i) this consent order disposes the said proceedings of proposed prosecution for non-payment of penalty imposed by the Adjudicating Officer against the applicant in the matter of M/s Avinash Information Technology Ltd., and ii) passing of this order by SEBI is without prejudice to the right of SEBI to take enforcement actions including commencing/ reopening of the pending proceedings against the applicant if SEBI finds, that i any representations made by the applicant in the consent proceedings are subsequently discovered to be untrue. ii. the applicant has breached any of the clauses/ conditions of undertakings/ waivers filed during the current consent proceedings with SEBI.
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Source: SecMarx — sebi:CO/ID-1/1338/01/2008. 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.