sebi:CO/IVD/1943/AO/VSS/60/2009
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Facts / Headnote
Disposed via consent settlement
Holding
This consent order disposes of the pending proceedings against the Noticee under the Securities and Exchange Board of India Act, 1992 upon payment of Rs.5,00,000 towards settlement charges.
Full text
Page 2 of 3 Imposing Penalties by Adjudicating Officer) Rules, 1995 by the undersigned. 2. While the Adjudication Proceedings were in progress, the Noticee made an application dated August 21, 2008 and an affidavit of “undertakings and waivers” in terms of SEBI Circular No. EFD/ Cir.- 1/2007 dated 20th April, 2007 for Consent Order in respect of the aforesaid notice before SEBI. The Noticee proposed consent terms, without admitting or denying the guilt and subject to clauses of the undertakings and waivers, submitting that it was willing to pay a sum of Rs.10,000/- (Rupees Ten Thousand only). Thereafter, the Noticee vide letter dated December 26, 2008 proposed to offer a sum of Rs.5,00,000/- (Rupees Five Lakh only) towards revised consent terms. The revised terms as proposed by the Noticee was placed before the High Powered Advisory Committee (hereinafter referred to as ‘HPAC’) on January 20, 2009. The HPAC considered the facts and circumstances of the case, consent terms offered by the Noticee and the material brought before it by SEBI and recommended that the case may be settled on payment of Rs.5,00,000/- (Rupees Five Lakh only) towards settlement charges in the matter. The recommendations of HPAC were placed before the two Whole Time Members of the Board who have agreed to the terms of consent as recommended by HPAC.
Page 3 of 3 4. In view of above, it is hereby ordered that, i) This consent order disposes of the said proceedings pending against the Noticee under Securities and Exchange Board of India Act, 1992 and ii) Passing of this order is without prejudice to the right of SEBI to take enforcement actions including commencing / reopening of the pending proceedings against the Noticee, if SEBI finds that a. any representation made by the Noticee in the consent proceedings is subsequently discovered to be untrue. b. the Noticee has breached any of the clauses / conditions of undertakings / waivers filed during the current consent proceedings.
3. The acceptance of consent proposal was communicated to the Noticee vide letter dated February 24, 2009 read with letter dated March 17, 2009. In pursuance of the aforesaid, the Noticee has remitted a sum of Rs.5,00,000/- (Rupees Five Lakh only), vide Demand Draft No.259069 dated April 16, 2009 drawn on Bank of India, Mumbai, towards the terms of consent in the matter.
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Source: SecMarx — sebi:CO/IVD/1943/AO/VSS/60/2009. 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.