sebi:CO/IVD-ID-8/1606/AO/SD/07/2009
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Facts / Headnote
Adjudication proceedings disposed of via consent settlement
Parties
- M/s Hakeem Auto Limited
Holding
The adjudication proceedings against M/s Hakeem Auto Limited under the Securities and Exchange Board of India Act, 1992 were disposed of by consent upon payment of Rs. 5,00,000 as settlement charges and voluntary debarment for three years.
Full text
Page 2 of 3 aforesaid matter in terms of SEBI Circular No. EFD/ED/Cir-1/2007 dated 20th April, 2007 and proposed a self-ban for a period of three years from buy, sell and otherwise deal in securities market, directly or indirectly and also proposed to pay Rs. 5,00,000/- (Rupees Five Lakh only) towards settlement charges of the above said adjudication proceedings vide letter dated 25th November, 2008. The terms as proposed by Noticee were placed before the High Powered Advisory Committee (HPAC) meeting held on December 12, 2008 and after considering the facts and circumstances of the case, the HPAC recommended that the case may be settled on payment of Rs. 5,00,000/- (Rupees Five Lakh only) towards settlement charges and voluntary debarment from buying, selling or otherwise dealing in securities market directly or indirectly for a period of three years, which has been approved by the panel of Whole Time Members of SEBI on 29th December ,2008.
Page 3 of 3 I. any representations made by the Noticee in the consent proceedings are subsequently discovered to be untrue.
4. In terms of Noticee’s proposal for the sole purpose of settling the matter on hand and without admission or denial of guilt on the part of the Noticee to the finding of fact or conclusion of law, Noticee has remitted a sum of Rs. 5,00,000/- (Rupees Five Lakh only), vide Demand Draft No. 081819 dated January 06, 2009 drawn on United Bank of India, Mumbai towards the settlement charges in the aforesaid matter.
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Source: SecMarx — sebi:CO/IVD-ID-8/1606/AO/SD/07/2009. 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.