sebi:ISD/EAD-6/AO/AK/102/2014
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Facts / Headnote
Consent order disposing of pending adjudication proceedings on payment of settlement charges
Provisions invoked
- s. 15
Regulations
- Reg. 17
- Reg. 28
- Reg. 15
- Reg. 29
Holding
The Adjudicating Officer ordered that the consent order disposes of the pending adjudication proceedings against the Noticee upon payment of Rs. 40,34,185 as settlement charges, without prejudice to SEBI's right to take enforcement action if representations made are untrue or undertakings breached.
Full text
2 company issued to it by the company to the stock Exchanges on October 26, 2012, after a delay of four months, which should have been made on June 20, 2012 in terms of Regulation 29 (2) and (3) read with Regulation 28 (2) of the Takeover Regulations, i.e. one month prior to the maturity date of July 18, 2012. It was also observed that Noticee had made disclosure of revival of conversion right on November 12, 2012, i.e. with a delay of more than three months, which should have been disclosed by July 20, 2012 in terms of Regulations 29 (1) and (3) read with Regulation 28 (2) of the Takeover Regulations (since as per the terms of the FCCBs the conversion right revives inter alia if the FCCBs are not redeemed on the maturity date).
3 Thereafter, SEBI vide letter dated June 6, 2014 conveyed to the Noticee that in view of the recommendations of HPAC, SEBI has in principle agreed to accept the terms of the consent proposed by the Noticee subject to the clauses of Undertakings/Waivers mentioned in the consent application and advised the Noticee to pay in accordance with the revised consent terms.
4 9. In terms of Regulation 17 of SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014, copies of this order are being sent to the Noticee and also to Securities and Exchange Board of India, Mumbai.
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Source: SecMarx — sebi:ISD/EAD-6/AO/AK/102/2014. 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.