sebi:Order/GR/AE/2019-20/6585-6586
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Facts / Headnote
Adjudication proceedings disposed of as settled
Holding
The adjudication proceedings initiated against the Noticees in the matter of IPO irregularities are disposed of as the said proceedings have been settled pursuant to Settlement Order no. SO/EFD– 2/SD/324/JANUARY/2020 dated January 14, 2020.
Full text
Page 2 of 2 Noticees and an Order dated June 02, 2011 was passed against them. Subsequently, an appeal was preferred in the Securities Apellate Tribunal (SAT) by the Noticees, and the Hon’ble SAT vide its Order dated October 04, 2012 inter alia passed the following
directions – “In view of the discussion above, we set aside the impugned order, remand the case to the adjudicating officer for fresh consideration as per law the request the appellants to inspect records which are relevant and being relied upon …… The appellant is directed to fully co-operate with the Board and avail of the earliest opportunities for speedy finalization of the adjudication proceedings. The Board is directed to pass orders expeditiously since the appeal relates to an old matter. …….”
2. Subsequent to the appointment of the undersigned as Adjudicating Officer vide SEBI’s Order dated April 09, 2019 in the instant matter, an opportunity of personal hearing was granted to the Noticees on November 28, 2019. The representative of the Noticees vide letter dated November 18, 2019 inter alia stated that the present adjudication proceedings were the subject matter of Settlement Application Nos. 3892 and 3893 of 2019 filed by the Noticees. It is noted from the Settlement Order no. SO/EFD– 2/SD/324/JANUARY/2020 dated January 14, 2020 that the said adjudication proceedings initiated against the Noticees in the instant matter has been settled. Thereafter, Settlement Division has also intimated the details of the Settlement Order and therefore, the adjudication proceedings initiated against the Noticees in the matter of IPO irregularities vide the aforementioned SCNs are disposed off.
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Source: SecMarx — sebi:Order/GR/AE/2019-20/6585-6586. 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.