sebi:SO/EFD-2/2024-25/5-6
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Settled
Provisions invoked
- s. 15A
- s. 19
- s. 15J
Regulations
- Reg. 16
- Reg. 25
- Reg. 28
- Reg. 23
- Reg. 16(3)(b)
Holding
The specified proceedings covered by the Notice of Summary Settlement for violations of the Takeover Regulations are hereby settled in respect of the Applicants upon payment of Rs. 8,44,625, and SEBI shall not initiate any enforcement action for the said violations subject to its rights under Regulation 28.
Full text
2 Takeover Regulations. It was observed that the said disclosures were made to the stock exchange only on December 16, 2023 with a delay of 2,719 days.
3 respect of which the Notice was issued, are hereby settled in respect of the Applicants on the following terms: i. SEBI shall not initiate any enforcement action against the Applicants for the said violations, and ii. passing of this Settlement Order is without prejudice to the right of SEBI under Regulation 28 of the Settlement Regulations to initiate appropriate action against the Applicants, if SEBI finds that: (a) any representation made by the Applicants in the present settlement proceedings is subsequently found to be untrue; (b) the Applicants have 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.
3. In terms of Regulation 16 of the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 (hereinafter referred to as “Settlement Regulations”), SEBI issued a ‘Notice of Summary Settlement’ dated February 20, 2024 (hereinafter referred to as the “Notice”) to the Applicants intimating them that proceedings under Section 15A(b) of SEBI Act, 1992, may be initiated for the aforesaid violations, and that in case the Applicants wished to settle the aforesaid proceedings to be initiated they would be required to file an application under the Settlement Regulations along with remittance of the settlement amount of ₹8,44,625/-/- (Rupees Eight lakh forty- four thousand six hundred and twenty-five only), in terms of Regulation 16(3)(b) of the Settlement Regulations, within 30 calendar days from the date of receipt of the Notice in terms of Chapter VII of the Settlement Regulations.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:SO/EFD-2/2024-25/5-6. 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.