sebi:CO/IVD/1054/AO/VSS/13/2008
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Facts / Headnote
Consent order passed; proceedings against the Noticee under the SEBI Act, 1992 in the matter of Polaris Software Lab Ltd. disposed of
Holding
SEBI's Adjudicating Officer passed a consent order settling the pending proceedings against the Noticee in the matter of Polaris Software Lab Ltd. on payment of Rs.7,00,000/-, without prejudice to SEBI's right to take enforcement action if representations were untrue or undertakings/waivers breached.
Full text
Page 2 of 3 1/2007 dated 20th April, 2007 for Consent Order in respect of the aforesaid SCN before SEBI. Subsequently, the Noticee vide letter dated February 15, 2008 proposed revised consent terms, without admitting or denying the guilt and subject to clauses of the undertakings and waivers, submitting that he was willing to pay a sum of Rs.7,00,000/- (Rupees seven lakhs only) towards settlement
Page 3 of 3 6. Recording the above submission, the writ appeal and the writ petitions are dismissed as nothing remains to be adjudicated. No costs. Consequently, connected miscellaneous petitions are dismissed.”
charges and legal expenses in the matter. The terms as proposed by the Noticee was placed before the High Powered Advisory Committee (hereinafter referred to as ‘HPAC’) on February 19, 2008. The HPAC considered the facts and circumstances of the case, consent terms offered by the Noticee and the material brought before the committee by SEBI and recommended that the case may be settled on payment of Rs.7,00,000/- (Rupees seven lakhs only). The recommendations of the committee were placed before the two whole time members of the Board who have agreed to the terms of consent as recommended by the committee.
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Source: SecMarx — sebi:CO/IVD/1054/AO/VSS/13/2008. 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.