sebi:SO/EFD-2/SD/116/JAN/2017
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Facts / Headnote
settled
Regulations
- Reg. 7(1)
- Reg. 17
- Reg. 10
- Reg. 19
- Reg. 7(2)
- Reg. 14
- Reg. 15(2)
Parties
- M/s South India House Estates and Properties Limited (earlier known as ‘M/s South India House Investments Private Limited’) and Others
Holding
This order disposes of the pending adjudication proceedings and the possible proceedings against the 53 Applicants in respect of the SAST violations detailed in the SCNs dated December 17, 2013 and January 16, 2015 and the January 04, 2006 transaction upon payment of settlement charges, and SEBI shall not proceed with or initiate enforcement action against the Applicants for the said defaults.
Full text
Settlement order in respect of M/s South India House Estates and Properties Limited (earlier known as ‘M/s South India House Investments Private Limited’) and Others in the matter of M/s Automobile Products of India Limited
Settlement order in respect of M/s South India House Estates and Properties Limited (earlier known as ‘M/s South India House Investments Private Limited’) and Others in the matter of M/s Automobile Products of India Limited
Page 2 of 3 Acting in Concert (PACs) and the erstwhile promoters of M/s Automobile Products of India Limited. The Applicants vide said settlement application proposed to settle, through a settlement order, the pending adjudication proceedings for the alleged violations of the provisions of Regulation 7(1) & 7(1A) read with Regulation 7(2) and Regulations 10, 11(2) & 12 read with Regulation 14 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as ‘SAST Regulations, 1997’) with respect to the transactions executed in the years 1997, 2002, 2005, 2006, 2007 & 2010 as more specifically detailed in the Show Cause Notices (SCNs) dated December 17, 2013 & supplementary SCN dated January 16, 2015 issued to all these 53 Applicants by the Adjudicating Officer. The said settlement application is also filed to settle the possible proceedings that can be initiated for the violation of provision of Regulation 7(1) read with Regulation 7(2) of SAST Regulations, 1997 against Applicant no. 8 to Applicant no. 21 for their acquisition on January 04, 2006.
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Source: SecMarx — sebi:SO/EFD-2/SD/116/JAN/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.