sebi:ISD/DSL/AO/SBM-VB/EAD-3/CO-01/2016
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Facts / Headnote
Settlement order disposing of adjudication proceedings initiated against the Noticee vide SCN dated August 1, 2014, on payment of settlement charges of Rs. 4,84,704/-
Provisions invoked
- s. 15A
Regulations
- Reg. 3
- Reg. 17
Parties
- M/s Devkant Synthetics (India) Pvt Ltd
Holding
The adjudication proceedings initiated against the Noticee vide SCN dated August 1, 2014 are disposed of pursuant to settlement on payment of Rs. 4,84,704/- towards settlement charges, without prejudice to SEBI's right to take enforcement action if representations are untrue or undertakings breached.
Full text
Page 2 of 3 to APL and to the stock exchange(s).The alleged failure on the part of the Noticee to make the necessary disclosures within the prescribed time period resulted in the violation of the above mentioned provisions of the SAST Regulations, 2011 and PIT Regulations, 1992 by the Noticee and was therefore liable for monetary penalty under the provisions of Section 15A (b) of the SEBI Act.
Page 3 of 3 Draft No. 457384 dated February 11, 2016 drawn on HDFC Bank Ltd favoring SEBI towards the terms of settlement in the matter.
3. Pending Adjudication Proceedings, the Noticee submitted a Consent Application no. 2877/2014 dated September 02,2014 (which was received by SEBI on September 26, 2014) along with an undertaking in the format prescribed by SEBI for settlement in the matter in terms of Regulations 3 (1) and 3 (2) of SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014.
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Source: SecMarx — sebi:ISD/DSL/AO/SBM-VB/EAD-3/CO-01/2016. 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.