sebi:SO/AN/EFD2/2022-23/7008
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Facts / Headnote
Settled
Provisions invoked
- s. 19
- s. 15J
Regulations
- Reg. 25
- Reg. 28
- Reg. 23
Parties
- Mr. Kunal N. Gandhi
- Ms. Nehal N. Gandhi
Holding
The proceedings that may be initiated against the Applicants for the violations mentioned at paragraph 1 are settled qua the Applicants upon joint and several payment of Rs. 3,07,500. SEBI shall not initiate any other enforcement action against the Applicants for the said violations, subject to its rights under Regulation 28 of the Settlement Regulations.
Full text
Settlement Order in respect of Mr. Kunal N. Gandhi and Ms. Nehal N. Gandhi in the matter of Lyka Labs Limited November 16, 2022. The Internal Committee deliberated on the aspect of the delayed disclosures and suggested the terms of the settlement. Thereafter, the Applicants proposed revised settlement terms dated November 17, 2022 which was received by SEBI on December 02, 2022, to settle the proceedings that may be initiated against them.
Settlement Order in respect of Mr. Kunal N. Gandhi and Ms. Nehal N. Gandhi in the matter of Lyka Labs Limited (b) the Applicants have breached any of the clauses/ conditions of undertakings/ waivers filed during the present settlement proceedings; and (c) there was a discrepancy while arriving at the settlement terms.
4. The applications were placed before the High Powered Advisory Committee (“HPAC”) in its meeting held on December 14, 2022, which considered the
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Source: SecMarx — sebi:SO/AN/EFD2/2022-23/7008. 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.