sebi:SO/PM/AN/2020-21/6246
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Facts / Headnote
Adjudication proceedings initiated against UGHPL vide SCN dated May 16, 2016 disposed of on settlement basis upon payment of settlement amount
Provisions invoked
- s. 15J
Regulations
- Reg. 25
- Reg. 28
- Reg. 23(1)
- Reg. 3(1)
Parties
- UGHPL
Holding
The instant adjudication proceedings initiated against UGHPL vide SCN dated May 16, 2016 are disposed of in terms of section 15JB of the SEBI Act read with Regulation 23(1) of the Settlement Regulations on settlement payment of Rs. 37,99,145 without admitting or denying violation.
Full text
Page 2 of 4 to conversion of warrants into equity shares on December 15, 2014. This required UGHPL to make an open offer under the provisions of SAST Regulations. However, UGHPL had failed to make the said open offer, thus violating the abovementioned provisions of law. It is observed from the reply dated October 31, 2018 that, with effect from September 25, 2017, UGHPL had amalgamated with the applicant pursuant to an order dated August 23, 2017 of Mumbai Bench of Hon’ble National Company Law Tribunal.
Page 3 of 4 considering the facts and circumstances of the case, settlement terms offered by the applicant and also the materials made available before it by SEBI, recommended that the aforesaid adjudication proceedings initiated against the applicant may be settled on payment of Rs. 37,99,145/- (Rupees Thirty Seven Lakh Ninety Nine Thousand and One Hundred Forty Five Only) towards the settlement terms. The Panel of Whole Time Members of SEBI approved the said recommendation of HPAC on August 12, 2020 and the same was communicated to the applicant vide Email dated August 13, 2020.
Page 4 of 4 c. the applicant has violated the undertakings or waivers filed during the settlement proceedings. 10. This settlement order is passed on the 24th day of September, 2020 and shall come into force with immediate effect.
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Source: SecMarx — sebi:SO/PM/AN/2020-21/6246. 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.