sebi:EAD-5/SVKM/02/2015-16
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Facts / Headnote
Adjudication proceedings disposed of by settlement on payment of settlement charges
Provisions invoked
- s. 15A
- s. 15
- s. 19
Regulations
- Reg. 8(3)
- Reg. 15(1)
- Reg. 35
Parties
- Liberty Phosphate Limited
Holding
The adjudication proceedings initiated against Liberty Phosphate Limited (since merged with Coromandel International Limited) vide Show Cause Notice dated June 27, 2014 were disposed of by settlement on payment of Rs. 8,50,000 towards settlement charges.
Full text
Settlement Order in respect of Liberty Phosphate Limited in the matter of Liberty Phosphate Limited Page 2 of 5 8(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as “SAST Regulations, 1997”) within the due date during the years 1998 to 2004 and 2006. The details of the non-compliances by the Applicant in the tabular form is given below: Sr. No. Provision of SAST Regulations, 1997 Due date of compliance Actual date of compliance Delay (in no. of days) 1 8(3) 30.04.1998 22.06.2007 3340 2 8(3) 30.04.1999 22.06.2007 2975 3 8(3) 30.04.2000 22.06.2007 2609 4 8(3) 30.04.2001 22.06.2007 2244 5 8(3) 30.04.2002 22.06.2007 1879 6 8(3) 30.04.2003 04.02.2013 3568 7 8(3) 30.04.2004 04.02.2013 3202 8 8(3) 30.04.2006 04.02.2013 2472
Settlement Order in respect of Liberty Phosphate Limited in the matter of Liberty Phosphate Limited Page 3 of 5 Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as “Rules”)alleging that theyhave violated the provisions of Regulation 8(3) of the SAST Regulations, 1997 read with Regulation 35 of SAST Regulations, 2011 during the years 1998 to 2004 and 2006.
Settlement Order in respect of Liberty Phosphate Limited in the matter of Liberty Phosphate Limited Page 4 of 5 terms offered by the applicant and the materials brought before it by SEBI, recommended that the aforesaid adjudication proceedings may be settled on payment of ` 8,50,000/‐ (Rupees Eight Lakh Fifty Thousand only) towards settlement charges as proposed by the applicant. The Panel of Whole Time Members of SEBI approved the said recommendations of the HPAC and the same was communicated to the applicant vide letter dated May 20, 2015.
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Source: SecMarx — sebi:EAD-5/SVKM/02/2015-16. 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.