sebi:RA/JP/142-143/2017
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Facts / Headnote
Adjudication proceedings disposed of in terms of regulation 15(1) of the Settlement Regulations upon receipt of settlement amounts
Regulations
- Reg. 17
- Reg. 15(1)
Parties
- Mr. E.V. Muthukumara Ramalingam
- Mr. M. R. Gautam
Holding
The pending adjudication proceedings initiated against the Applicants/Noticees under the SCN dated January 22, 2015 are disposed of in terms of regulation 15(1) of the Settlement Regulations, upon acceptance of the settlement terms and receipt of the Demand Drafts for Rs. 9,03,125/- and Rs. 4,56,875/- respectively.
Full text
Page 2 of 3 5. A meeting of the Internal Committee (IC) of SEBI was held on June 16, 2017 and thereafter the Applicants / Noticees had proposed the settlement terms vide their letters dated June 23, 2017.
Page 3 of 3 9. This order is without prejudice to the right of SEBI to initiate enforcement actions including commencing / reopening of the pending proceedings against the Applicants / Noticees, if SEBI finds that:
6. The settlement terms as proposed by the Applicants / Noticees were considered by the IC and placed the same before the High Powered Advisory Committee (HPAC) on July 05, 2017. After considering the facts / circumstances of the case, material brought before it, taking note that the Applicants had disclosed the creation of pledge as per the requirements and also taking note that the Applicants are agreeable to pay the settlement amount calculated as per Settlement Regulations, the HPAC recommended that the case may be settled on payment of ` 9,03,125/- (Rupees Nine Lakh Three Thousand One Hundred and Twenty Five only) by Mr. E.V. Muthukumara Ramalingam and on payment of ` 4,56,875/- (Rupees Four Lakh Fifty Six Thousand Eight Hundred and Seventy Five only) by Mr. M. R. Gautam, towards settlement terms.
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Source: SecMarx — sebi:RA/JP/142-143/2017. 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.