sebi:SO/GR/EFD2/2024-25/7942
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Facts / Headnote
Proceedings initiated against the Applicant vide Show Cause Notice dated May 28, 2024 are disposed of pursuant to settlement, without admitting or denying the findings of fact and conclusions of law.
Provisions invoked
- s. 19
- s. 15H
- s. 15J
- s. 149(10)
Regulations
- Reg. 10
- Reg. 25
- Reg. 28
- Reg. 15
- Reg. 23
- Reg. 4(2)(f)
- Reg. 16(1)(b)
Parties
- Manu M Parpia
Holding
The proceedings initiated against Manu M Parpia vide Show Cause Notice dated May 28, 2024 for alleged violations of LODR Regulations and Section 149(10) of the Companies Act, 2013 are disposed of pursuant to a settlement without admission or denial of findings, on payment of INR 21,45,000/-.
Full text
Settlement Order in the matter of NESCO Limited Page 2 of 4 b) Applicant had given a misleading declaration dated July 15, 2023 to the effect that he meets the criteria of independence and eligibility at the time of his appointment by the Board of the Company which is in violation of Section 149(10) of the Companies Act, 2013 and Rules framed thereunder and Regulation 16(1)(b) of the LODR Regulations.
Settlement Order in the matter of NESCO Limited Page 3 of 4 6. The High Powered Advisory Committee (hereinafter referred to as ‘HPAC’) in its meeting held on October 28, 2024 considered the RST proposed by the Applicant and recommended the case for settlement. The recommendation of the HPAC was placed before the Panel of Whole Time Members of SEBI. In terms of Regulation 15 of the Settlement Regulations, the Panel of Whole Time Members of SEBI approved and accepted the recommendations of the HPAC on December 02, 2024 and the same was communicated to the Applicant vide email dated December 05, 2024.
Settlement Order in the matter of NESCO Limited Page 4 of 4 10. In terms of Regulation 25 of the Settlement Regulations, copies of this order are being sent to the Applicant, Mr. Manu M Parpia and also to the SEBI.
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Source: SecMarx — sebi:SO/GR/EFD2/2024-25/7942. 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.