sebi:SO/BM/DS/2022-23/6779
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Facts / Headnote
Settlement order disposing of adjudication proceedings initiated against the applicant without admission or denial of violations, on payment of settlement amount.
Provisions invoked
- s. 12A
- s. 15G
Regulations
- Reg. 25
- Reg. 28
- Reg. 23
- Reg. 3(1)
Parties
- Mr. Ravi Kant Jaipuria
Holding
The adjudication proceedings initiated against Mr. Ravi Kant Jaipuria vide SCN ref.no. SEBI/EAD/BM/DS/38368/2021 dated December 21, 2021 are disposed of through settlement on payment of Rs. 55,90,000 without admitting or denying any violation.
Full text
Settlement order in respect of Mr Ravi Kant Jaipuria in the matter of Varun Beverages Limited Page 2 of 5 possession of UPSI. Based on the information provided by VBL and Pepsico, it was observed that the discussions regarding strategic partnership were concluded in a meeting held on December 21, 2017. Hence, period from December 21, 2017 to January 04, 2018 was considered as UPSI Period.
Settlement order in respect of Mr Ravi Kant Jaipuria in the matter of Varun Beverages Limited Page 3 of 5 period (i.e. December 22, 2017 to January 03, 2018) Mr Arvind Singhania was also staying in Bangkok in a hotel named Sian Kempinski, which was nearby. Fenton (Arvind Singhania) had placed order to buy 15000 shares of VBL on December 28, 2017, i.e. during the UPSI period. Spank (Patanjali Govind Keswani) had placed order to buy 17685 shares of VBL on January 02, 2018, i.e. during the UPSI period and sold all these shares on January 05, 2018, i.e. post-UPSI period, immediately after announcement was made public.
Settlement order in respect of Mr Ravi Kant Jaipuria in the matter of Varun Beverages Limited Page 4 of 5 denying the findings of fact and conclusions of law, through a settlement order and filed the settlement applications mentioned above, with SEBI in terms of the provisions of SEBI (Settlement Proceedings) Regulations, 2018 (hereinafter referred to as “Settlement Regulations”).
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Source: SecMarx — sebi:SO/BM/DS/2022-23/6779. 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.