sebi:EAD/PM/GSS/24/2017-18
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Facts / Headnote
Adjudication proceedings initiated against the Applicant vide Show Cause Notice no. EAD-2/RG/34387/2015 dated December 11, 2015 disposed of pursuant to settlement on payment of Rs. 27,20,000/-
Regulations
- Reg. 17
- Reg. 15(1)
Parties
- Nandkumar Surti
Holding
The adjudication proceedings against Nandkumar Surti in the matter of NCD of Amtek Auto Ltd. are disposed of pursuant to settlement on payment of Rs. 27,20,000/- towards settlement charges.
Full text
Page 2 of 3 Settlement order in the proceedings against Nandkumar Surti in the matter of NCD of Amtek Auto Ltd. 3. While the adjudication proceedings pursuant to the said SCN was in progress, the Applicant submitted application no. 3052/2016 dated February 05, 2016 with SEBI in terms of SEBI (Settlement of administrative and Civil Proceedings) Regulations, 2014 (hereinafter referred to as the “Settlement Regulations, 2014”) proposing to settle, through settlement order, the aforementioned adjudication proceedings for the alleged violations.
Page 3 of 3 Settlement order in the proceedings against Nandkumar Surti in the matter of NCD of Amtek Auto Ltd. towards settlement charges through Demand Draft no. 190998 dated March 20, 2018 drawn on J.P.Morgan Chase Bank favouring SEBI.
4. Pursuant to the filing of said consent application by the applicant, the applicant attended the meeting with Internal Committee (herein after referred to as “IC”) held on July 07, 2016 and March 02, 2017 at SEBI Bhavan. During the IC meeting held on March 02, 2017 the settlement terms of Rs. 27,20,000/- (Rupees Twenty Seven Lakh Twenty Thousand only) were communicated to the applicant. The applicant vide letter dated March 17, 2017 proposed payment of of Rs. 27,20,000/- (Rupees Twenty Seven Lakh Twenty Thousand only) towards full and final settlement of all regulatory proceedings in relation to the facts contained in the SCN.
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Source: SecMarx — sebi:EAD/PM/GSS/24/2017-18. 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.