sebi:SO/EFD-2/SD/175/NOV/2017
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Facts / Headnote
Settlement of proceedings qua the applicants upon payment of Rs. 68,63,010/-; SEBI shall not initiate enforcement action for the said defaults.
Regulations
- Reg. 17
- Reg. 15
- Reg. 8(1)
Parties
- Vesuvius Holdings Limited
- Foseco India Limited
Holding
The proceedings that may be initiated for the alleged defaults under Regulations 8(1), 8(2) and 30(2) of the Takeover Regulations against Vesuvius Holdings Limited & Ors. are settled upon payment of Rs. 68,63,010/-, and SEBI shall not initiate any enforcement action against the applicants for the said defaults.
Full text
Settlement order in respect of Vesuvius Holdings Limited & Ors. Page 2 of 3 Limited and part of the promoter group of Foseco India Limited): Regulation 8(1), 8(2) and 30(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.
Settlement order in respect of Vesuvius Holdings Limited & Ors. Page 3 of 3 ii. passing of this order is without prejudice to the right of SEBI to take enforcement actions including commencing proceedings against the applicants, if SEBI finds that:
2. In the meantime, the SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014 were notified and the application was processed in terms of the provisions of the Settlement Regulations. The authorised representatives of the applicants had a meeting with the Internal Committee of SEBI on March 11, 2014 and September 26, 2014, wherein the settlement terms were deliberated. Thereafter, the applicants, vide letter dated October 22, 2014, proposed the revised settlement terms to settle the defaults mentioned above.
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Source: SecMarx — sebi:SO/EFD-2/SD/175/NOV/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.