sebi:EAD/SR/SJ/SO/12-13/2018-2019
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Facts / Headnote
Adjudication proceedings disposed off on settlement upon payment of settlement charges
Provisions invoked
- s. 15
- s. 21
- s. 15H
- s. 23
- s. 23E
Regulations
- Reg. 17
- Reg. 15(1)
- Reg. 7(4)
Parties
- GMM Pfaudler Limited
- Pfaudler Inc.
Holding
The adjudication proceedings initiated against GMM Pfaudler Limited and Pfaudler Inc. vide SCN dated January 30, 2018 and supplementary SCN dated April 24, 2018 are disposed off on payment of Rs. 6,97,661 towards settlement charges in terms of regulation 15(1) of the Settlement Regulations, 2014.
Full text
Settlement Order in respect of GMM Pfaudler Limited and Pfaudler Inc. in the matter of GMM Pfaudler Limited Page 1 of 4 BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA SETTLEMENT ORDER (Application Nos. 3728/2018 and 3738/2018) On the applications submitted by GMM Pfaudler Limited and Pfaudler Inc. In the matter of GMM Pfaudler Limited Settlement Order No: EAD/SR/SJ/SO/12-13/2018-2019
Settlement Order in respect of GMM Pfaudler Limited and Pfaudler Inc. in the matter of GMM Pfaudler Limited Page 2 of 4 December 16, 2014. Therefore, it was alleged that the non-public shareholding was not brought down to 75% within the permitted time i.e. May 20, 2014. Therefore, it was alleged that: i. the Noticee 1 failed to maintain the MPS of 25% and therefore violated Clause 40A of Listing Agreement read with rule 19A of SCRR, 1957 and section 21 of Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as ‘SCRA, 1956’) ii. the Noticee 2 along with other PACs failed to bring down the non-public shareholding to 75% within the time line i.e. by May 20, 2014 and there was delay in compliance of MPS requirement of 209 days. Therefore, the Noticee 2 violated Regulation 7(4) of SAST Regulations, 2011.
Settlement Order in respect of GMM Pfaudler Limited and Pfaudler Inc. in the matter of GMM Pfaudler Limited Page 3 of 4 and Noticee 2 failed to bring down the promoters’ shareholding to 75% and there was delay of 209 days in compliance of MPS requirement and therefore violated Regulation 7(4) of SAST Regulations, 2011.
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Source: SecMarx — sebi:EAD/SR/SJ/SO/12-13/2018-2019. 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.