sebi:SO/EFD-2/SD/285/MAY/2019
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Facts / Headnote
Pending proceedings under Section 11, 11B and adjudication proceedings settled qua the applicant on payment and non-monetary undertaking
Provisions invoked
- s. 11
- s. 12A
- s. 15J
- s. 11C(3)
- s. 24
Regulations
- Reg. 25
- Reg. 3(c)
- Reg. 23
- Reg. 34
Parties
- Mr. M.N. Ahmed
Holding
The pending proceedings against Mr. M.N. Ahmed under Sections 11, 11B and adjudication proceedings relating to ABG Shipyard Limited are settled qua him upon payment of Rs. 27,54,000 and a one-year undertaking not to issue audit/compliance certificates for listed companies and SEBI-registered intermediaries.
Full text
Settlement Order in the matter of ABG Shipyard Limited Page 1 of 3 SO/EFD-2/SD/285/MAY/2019 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA
Settlement Order in the matter of ABG Shipyard Limited Page 2 of 3 3. The said default was prima facie found to be in violation of Section 12A(a), (b), (c) of the SEBI Act, 1992 read with Regulation 3(c), (d) and 4(1), 4(2)(e), (k) and (r) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003. It was also observed that Mr. M.N. Ahmed during investigation had failed to appear before the Investigation Authority and failed to provide the documents/ informations requisitioned in violation of Section 11C(3) and 11C(5) of the SEBI Act, 1992. The applicant in the settlement application had inter alia submitted that the alleged default had no market wide impact, no illegal gain/ benefit was derived by him and in the past there had been no other instance of similar or other allegations against him in relation to compliance with the securities laws. The applicant also submitted that he is ceased to be a citizen of India and has taken retirement from the profession.
Settlement Order in the matter of ABG Shipyard Limited Page 3 of 3 7. In view of the above, in exercise of the powers conferred under Section 15JB of the Securities and Exchange Board of India Act, 1992 and in terms of Regulations 23 and 28 read with Regulation 34 of the SEBI (Settlement Proceedings) Regulations, 2018, it is hereby ordered that: i. The applicant shall not issue any certificate of audit of listed companies, compliance of obligations of listed companies and intermediaries registered with SEBI and the requirements under the SEBI Act, 1992, the SCRA 1956, the Depositories Act, 1996, provisions of the Companies Act 2013 administered by SEBI under Section 24 thereof, the Rules, Regulations and Guidelines made under Acts administered by SEBI for a period of one year from the date of this order, as undertaken vide letter dated April 18, 2019. ii. the pending proceedings against the applicant under Section 11, 11B and 11(1)(4) of the SEBI Act, 1992 and the adjudication proceedings for the defaults as discussed in paragraph 2 and 3 above, are settled qua the applicant as per the above terms, iii. this order disposes of the said pending proceedings in respect of the applicant for the default as mentioned above and; iv. passing of this order is without prejudice to the right of SEBI to take enforcement actions including commencing proceedings against the applicant, if SEBI finds that: a. any representation made by the applicant in the present settlement proceedings is su
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Source: SecMarx — sebi:SO/EFD-2/SD/285/MAY/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.