sebi:SO/AS/EFD2/2022-23/7020
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Facts / Headnote
settled
Provisions invoked
- s. 19
- s. 15J
Regulations
- Reg. 25
- Reg. 28
- Reg. 23
- Reg. 6
- Reg. 31(1)
- Reg. 167(6)
- Reg. 163(1)
- Reg. 170(1)
Holding
Any proceedings that may be initiated for the violations mentioned at paragraph 1 above are settled in respect of the Applicant upon payment of the settlement amount. SEBI shall not initiate any enforcement action against the Applicant for the said violations, subject to Regulation 28 of the Settlement Regulations.
Full text
2 for the issue of warrants to respective allottees. The Applicant further allotted 19,00,000 equity shares vide Board Meeting held on January 31, 2022 pursuant to conversion of warrants into equity shares and balance payment by respective allottees. In this regard, the Applicant did not allot securities within 15 days of passing of special resolution as mandated under Regulation 170(1) of the ICDR Regulations.
3 3. In view of the aforesaid facts, the Applicant filed the present application for the purpose of settling the proceedings that may be initiated against it for the said non-compliances as mentioned in para 1 above.
4 (a) any representation made by the Applicant in the present settlement proceedings is subsequently found to be untrue; (b) the Applicant has breached any of the clauses/ conditions of undertakings/ waivers filed during the present settlement proceedings; and (c) there is a discrepancy while arriving at the settlement terms.
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Source: SecMarx — sebi:SO/AS/EFD2/2022-23/7020. 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.