sebi:CO/IVD-ID-8/1607/AO/SD/08/2009
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Facts / Headnote
Adjudication proceedings disposed of via consent settlement on payment of settlement charges
Parties
- M/s Hakeem Auto Limited
Holding
This consent order disposes of the adjudication proceedings pending against M/s Hakeem Auto Limited under the Securities and Exchange Board of India Act, 1992 upon payment of Rs.1,50,000 as settlement charges without admission or denial of guilt.
Full text
Page 2 of 3 3. Further, pending the adjudication proceedings, the Noticee had filed the application for consent proceedings vide the Consent Application dated March 27, 2008 and an affidavit of “Undertakings and Waivers” in the aforesaid matter in terms of SEBI Circular No. EFD/ED/Cir-1/2007 dated 20th April, 2007 and proposed to pay Rs.1,50,000/- (Rupees One Lakh Fifty Thousand 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.1,50,000/- (Rupees One Lakh Fifty Thousand only), 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.1,50,000/- (Rupees One Lakh Fifty Thousand only), vide Demand Draft No. 081818 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-8/1607/AO/SD/08/2009. 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.