sebi:RA/DPS/26-39/2016
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Facts / Headnote
Adjudication proceedings disposed of on settlement
Regulations
- Reg. 17
- Reg. 15(1)
Parties
- Hubtown Limited & 13 Ors
Holding
In terms of Regulation 15(1) of the Settlement Regulations, the adjudication proceedings initiated against the Applicants vide common show cause notice dated April 27, 2015 are disposed of upon payment of Rs. 12,85,625 towards settlement charges.
Full text
_______________________________________________________________________________ Settlement Order in respect of Hubtown Limited & 13 Ors in the matter of Hubtown LimitedPage 2of 3
_______________________________________________________________________________ Settlement Order in respect of Hubtown Limited & 13 Ors in the matter of Hubtown LimitedPage 3of 3
MPS under Rule 4 of the SEBI (Procedure for holding inquiry and imposing penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the 'Adjudication Rules'). It was observed that the amended provisions of Rules 19 and 19A of the SCRR came into force with effect from June 04, 2010, offering a time period of three years (i.e., on or before June 03, 2013) for a listed company to maintain public shareholding of atleast 25%. However, in the extant case, a concrete step was taken towards the compliance was only during June 2014.
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Source: SecMarx — sebi:RA/DPS/26-39/2016. 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.