sebi:IVD-ID5/PPD/AO/DRK/SS/EAD-3/CO-10/2009
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Facts / Headnote
Consent order disposing of pending adjudication proceedings against the Noticee
Holding
The adjudication proceedings pending against the Noticee under the SEBI Act, 1992 are disposed of pursuant to a consent order, with the Noticee having remitted Rs.6,00,000/- towards settlement charges without admission or denial of guilt.
Full text
- 2 - 3. Pending adjudication proceedings, the Noticee made an application dated July 14, 2008 (Consent application Regn. No. 834 of 2008) and an undertaking in the format prescribed by SEBI for settlement in the matter in terms of SEBI Circular No. EFD/ED/Cir-1/2007 dated April 20, 2007. Pursuant to the said application, the Noticee submitted his revised consent terms vide his letter dated September 12, 2008, wherein he proposed an amount of Rs.5,00,000/- (Rupees Five Lakhs only) towards settlement charges. The Noticee again revised his consent terms vide his letter dated January 15, 2009 and proposed an amount of Rs.6,00,000/- (Rupees Six Lakhs only) towards settlement charges. The consent terms were placed before the High Powered Advisory Committee (hereinafter referred to as “HPAC”) on January 20, 2009 and the HPAC considered the facts and circumstances of the case, the proposed settlement terms offered by the Noticee and the other material brought before the HPAC. HPAC after deliberation recommended the case for settlement on the consent terms proposed by the Noticee.
- 3 - undertakings / waivers filed during the current consent proceedings. 6. This consent order is passed on the 24th day of March, 2009 and shall come into force with immediate effect.
4. In terms of the revised proposal of the Noticee for the sole purpose of settling the matter on hand and without admission or denial of guilt on the part of the Noticee to the findings of fact or conclusions of law, the Noticee has remitted a sum of Rs.6,00,000/- (Rupees Six Lakhs only) favoring SEBI vide Demand Draft No. 632221 dated 05/03/2009 drawn on Indian Overseas Bank, payable at Mumbai, towards the terms of consent in the matter.
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Source: SecMarx — sebi:IVD-ID5/PPD/AO/DRK/SS/EAD-3/CO-10/2009. 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.