sebi:SO/EFD-2/SD/215/MAR/2018

SEBI · SEBI · 2018-02-02 · G. Mahalingam, Whole Time Member; Madhabi Puri Buch, Whole Time Member

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Settled

Regulations relied on

SEBI (SAST) Regulations, 1997 — 7(1a)
SEBI (SAST) Regulations, 1997 — 8(1)

Parties

Applicant No.1 to 7
Applicant No.8
Applicant No.9

Holding

Pending adjudication proceedings and proceedings that could have been initiated for the stated defaults are settled qua the applicants upon payment of Rs. 12,48,538 towards settlement charges, and SEBI shall not initiate enforcement action for the said defaults.

Full text

Settlement order in the matter of M/s Himachal Fibres Limited Page 2 of 3 SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 by Applicant no. 9.

Settlement order in the matter of M/s Himachal Fibres Limited Page 3 of 3 6. In view of the aforesaid, in terms of regulations 15 and 19 of the Settlement Regulations, it is hereby ordered that: i. this order disposes of the said pending adjudication proceedings and the proceedings that may be initiated for the defaults in respect of the applicants as mentioned above and; 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: a. any representation made by the applicants in the present settlement proceedings is subsequently discovered to be untrue; b. the applicants have breached any of the clauses/ conditions of undertakings/ waivers filed during the present settlement proceedings.

b) The applicant no. 8 has also suo moto sought settlement for the delay in making disclosure as required under regulation 7(1A) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997.

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Source: SecMarx — sebi:SO/EFD-2/SD/215/MAR/2018. 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.