sebi:SO/EFD-2/SD/232/JUN/2018
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Facts / Headnote
Proposed adjudication proceedings under Section 23E of the SCRA, 1956 disposed of as settled qua the applicant; SEBI shall not initiate enforcement action against the applicant for the said default.
Provisions invoked
- s. 23E
Regulations
- Reg. 17
- Reg. 14A(3)
Holding
The proposed adjudication proceedings under Section 23E of the SCRA, 1956 against the applicant are disposed of as settled, and SEBI shall not initiate enforcement action against the applicant for the said default.
Full text
Settlement order in the matter of M/s Sanathnagar Enterprises Limited Page 2 of 2 applicant along with his application, we hereby order the proposed adjudication proceedings under Section 23E of the Securities Contracts (Regulation) Act, 1956 for the alleged default as discussed in paragraph 1 above, as settled qua the applicant. In this regard, SEBI shall not initiate any enforcement action against the applicant for the said default.
4. In view of the above and in terms of Regulations 14A(3) read with 15 of the Settlement Regulations, it is hereby ordered that: i. this order disposes of the said proposed adjudication proceedings in respect of the applicant 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 applicant, if it is found that: a. any representation made by the applicant in the present settlement proceedings is subsequently discovered to be untrue; b. the applicant has breached any of the clauses/ conditions of undertakings/ waivers filed during the present settlement proceedings.
5. This settlement order is passed on this 28th day of June, 2018 and shall come into force with immediate effect. 6. In terms of regulation 17 of the Settlement Regulations, a copy of this order shall be sent to the applicant and shall also be published on the website of SEBI.
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Source: SecMarx — sebi:SO/EFD-2/SD/232/JUN/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.