sebi:CO/IVD-7/1572/192/2009
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Facts / Headnote
Consent order disposing of enquiry proceedings pending against Axel Polymers Limited upon payment of settlement charges of Rs. 2,50,000/-
Parties
- Axel Polymers Limited
Holding
SEBI accepted the recommendation of the High Powered Advisory Committee and passed a consent order disposing of the enquiry proceedings against Axel Polymers Limited, without the applicant admitting or denying the charges, upon payment of Rs. 2,50,000/- towards settlement charges.
Full text
Page 2 of 3 2. Pursuant to the investigations, SEBI initiated enquiry proceedings vide order dated June 02, 2006 and a show cause notice No. EAD/EAD- 5/PG/10277/2007 dated August 30, 2007 was issued to the applicant. In response, the applicant, vide letter dated September 26, 2007, expressed interest to settle the matter through a consent order.
Page 3 of 3 a. any representation made by the applicant in this consent proceeding is subsequently discovered to be untrue; or
3. Accordingly, the applicant, vide letter dated March 07, 2008, proposed settlement of the said proceedings through a consent order in terms of circular No. EFD/ED/Cir-1/2007 dated April 20, 2007. It proposed revised consent terms vide letter dated November 17, 2008. The High 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. 2,50,000/- (Rupees two lakh fifty thousand only) towards settlement charges. SEBI accepted the said recommendation and communicated the same to the applicant vide letter dated February 03, 2009.
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Source: SecMarx — sebi:CO/IVD-7/1572/192/2009. 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.