sebi:SO/EFD-2/SD/282/APR/2019
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Facts / Headnote
Summary settlement approved; proceedings for the default settled qua the applicant
Provisions invoked
- s. 15J
Regulations
- Reg. 16
- Reg. 25
- Reg. 34
- Reg. 23
Parties
- Stovec Industries Limited
Holding
SEBI approved the summary settlement of proceedings against Stovec Industries Limited on payment of ₹5,84,350/-, disposing of proceedings that may be initiated for the default without prejudice to SEBI's right to take enforcement action if representations were untrue or undertakings breached.
Full text
Settlement Order in respect of Stovec Industries Limited in the matter of Stovec Industries Limited. Page 2 of 3 processed as per “Summary Settlement Procedure” for expeditious disposal. It was observed that the captioned case may be considered for summary settlement as per the provisions of Regulation 16 of the SEBI (Settlement Proceedings) Regulations, 2018. In view of the above, the applicant was called for an IC meeting on March 29, 2019, and was given an option of preferring a summary settlement procedure by paying the summary settlement amount. The applicant opted for the summary settlement route and agreed upon to pay the settlement amount of ₹5,84,350/- (Rupees Five Lakhs Eighty Four Thousand Three Hundred and Fifty only) towards settlement terms as proposed by the applicant for the aforementioned default, within 10 working days from the date of the IC meeting.
Settlement Order in respect of Stovec Industries Limited in the matter of Stovec Industries Limited. Page 3 of 3 the said default,
4. The applicant vide Demand Draft No. 048083 dated April 08, 2019 drawn on Axis Bank Limited has remitted ₹5,84,350/- (Rupees Five Lakhs Eighty Four Thousand Three Hundred and Fifty only) towards the settlement charges. The Panel of Whole Time Members of SEBI approved the said settlement terms for the summary settlement of the captioned matter.
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Source: SecMarx — sebi:SO/EFD-2/SD/282/APR/2019. 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.