sebi:CO/IVD-7/11045/210/2009
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Facts / Headnote
Consent order disposing of pending 11B proceedings against the applicant and its directors upon payment of settlement charges
Parties
- Axel Polymers Limited
- Chandresh P Lotia
- Jignesh Sheth
Holding
SEBI accepted the recommendation of the Settlement Advisory Committee and passed a consent order disposing of the pending Section 11B proceedings against Axel Polymers Limited and its directors Chandresh P Lotia and Jignesh Sheth, on the applicant's payment of Rs. 2,25,000/- as settlement charges without admitting or denying the charges.
Full text
Page 2 of 2 Powered Advisory Committee, constituted by SEBI, considered the consent terms proposed by the applicant and recommended the case for settlement. Accordingly, the applicant shall pay Rs. 2,25,000/- (Rupees two lakh twenty five thousand only) towards settlement charges. SEBI accepted the said recommendation and communicated the same to the applicant vide letter dated March 20, 2009.
4. Accordingly, the applicant, without admitting or denying the charges, has remitted a sum of Rs. 2,25,000/- (Rupees two lakh twenty five thousand only) towards settlement charges vide demand draft No. 189672 dated April 02, 2009 drawn on ICICI Bank Ltd. payable at Mumbai.
5. In view of the above, it is hereby ordered that this consent order disposes of the said 11 B proceedings pending against the applicant and its Directors viz., Chandresh P Lotia and Jignesh Sheth in the matter of Axel Polymers Limited.
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Source: SecMarx — sebi:CO/IVD-7/11045/210/2009. 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.