sebi:SO/EFD-2/SD/419/SEPTEMBER/2022
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Settlement of pending enforcement proceedings against 6 applicants on specified settlement terms including monetary amounts and voluntary undertakings.
Provisions invoked
- s. 19
- s. 12A
- s. 15J
- s. 23J
Regulations
- Reg. 25
- Reg. 28
- Reg. 200
- Reg. 23
- Reg. 3(b)
- Reg. 201
- Reg. 7(1)(a)
- Reg. 30(2)
- Reg. 15(2)
- Reg. 2
- Reg. 38
- Reg. 31(1)(b)
Parties
- Combine Holding Limited
- Samir Jain
- Meera Jain
- Punjab Mercantile & Traders Limited
- Camac Commercial Company Limited
- Ashoka Viniyoga Limited
Holding
SEBI settled the pending enforcement proceedings against 6 applicants in the matter of Combine Holding Limited on specified settlement terms including monetary settlement amounts and voluntary undertakings. The order disposes of the proceedings initiated for the alleged defaults of misrepresentation of shareholding and non-compliance with minimum public shareholding norms.
Full text
Settlement Order in respect of 6 applicants in the matter of Combine Holding Limited Page 2 of 5 Penalties) Rules, 1995 initiated vide SCN bearing no. SEBI/HO/IVD/ID1/OW/P/2020/18102/ dated October 28, 2020.
Settlement Order in respect of 6 applicants in the matter of Combine Holding Limited Page 3 of 5 4. Pursuant to the receipt of the settlement applications, the authorized representatives of the applicants had a meeting with the Internal Committee of SEBI on December 2, 2021 and deliberated on the terms of settlement. Thereafter, the applicants proposed the Revised Settlement Terms to settle the proceedings initiated against them. The applications along with the revised settlement terms were considered by the High Powered Advisory Committee (HPAC) in its meetings held on December 29, 2021, January 13, 2022 and March 17, 2022. Considering that the applicants are parties in pending Writ Petitions before the Delhi High Court, HPAC recommended that deliberations in respect of the said settlement applications may be deferred till the applicants seek specific permission of the Court for consideration of these Settlement Applications. In compliance with the aforesaid observations, the applicants made formal submissions regarding the settlement applications before the Delhi High Court. Pursuant to the same, the Delhi High Court passed separate Orders dated May 24, 2022, May 27, 2022 and June 1, 2022 stating inter alia, that SEBI shall be free to deal with the settlement applications filed by the applicants, on its own merits, in accordance with law. Thereafter the settlement applications were placed before the HPAC again on June 9, 2022.
Settlement Order in respect of 6 applicants in the matter of Combine Holding Limited Page 4 of 5 Punjab Mercantile & Traders Limited ₹2,24,21,300/- (Rupees Two crore twenty four lakh twenty one thousand three hundred only) as settlement amount along with voluntary undertaking to extend the exit offer for a period of three months from the date of settlement order by issuance of individual notices, under Speed Post, directly to the remaining public shareholders of CHL at the same exit price as was offered in 2019, subject to any enhancement of such exit price if so directed by the High Court of Delhi, in respect of Punjab Mercantile & Traders Limited. Camac Commercial Company Limited ₹2,24,21,300/- (Rupees Two crore twenty four lakh twenty one thousand three hundred only) as settlement amount in respect of Camac Commercial Company Limited. Ashoka Viniyoga Limited ₹2,43,99,650/- (Rupees Two crore forty three lakh ninety nine thousand six hundred fifty only) as settlement amount along with voluntary undertaking to refrain from accessing the securities markets by issuing prospectus, offer documents or advertisements soliciting money from the public for a period of 24 months from the date of the settlement order in respect of Ashoka Viniyoga Limited.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:SO/EFD-2/SD/419/SEPTEMBER/2022. 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.