sebi:SO/PSD/2024-25/7813
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Facts / Headnote
Proceeding initiated against the Applicant vide Show Cause Notice dated March 01, 2024 is disposed of pursuant to settlement
Provisions invoked
- s. 15A
- s. 19
- s. 11(1)
- s. 15J
Regulations
- Reg. 10
- Reg. 25
- Reg. 28
- Reg. 15
- Reg. 23
- Reg. 3(5)
- Reg. 9A(1)
Holding
The proceeding initiated against the Applicant vide Show Cause Notice dated March 01, 2024 is disposed of pursuant to settlement, with SEBI agreeing not to initiate any other enforcement action against the Applicant for the said violation, subject to conditions under Regulation 28.
Full text
Settlement Order in the matter of in the scrip of Jagsonpal Pharmaceuticals Limited Page 2 of 4 the information and also the names of such persons with whom information is shared under this regulation along with the Permanent Account Number or any other identifier authorized by law where Permanent Account Number is not available.
Settlement Order in the matter of in the scrip of Jagsonpal Pharmaceuticals Limited Page 3 of 4 Amount, advised the Applicant to submit a compliance letter from JPL with regard to the violation relating to ‘failure to ensure maintenance of SDD by JPL during the UPSI period’. Accordingly, the Applicant filed Revised Settlement Terms (‘RST’) vide letter dated August 02, 2024, wherein the Applicant proposed to offer Rs. 22,75,000/- (Rupees Twenty-Two Lakh Seventy-Five Thousand Only) towards settlement amount. Further, the Applicant has, along with the RST, submitted an undertaking, by self and from the Company Secretary of JPL confirming that the company is effectively maintaining an SDD in terms of the PIT Regulations. The said settlement application was placed before the High Powered Advisory Committee (‘HPAC’) in its meeting held on August 14, 2024 for consideration. Accordingly, the HPAC
Settlement Order in the matter of in the scrip of Jagsonpal Pharmaceuticals Limited Page 4 of 4 7.2.2 the Applicant has breached any of the clauses / conditions of undertakings waivers filed during the current settlement proceedings; or 7.2.3 there was a discrepancy while arriving at the settlement terms.
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Source: SecMarx — sebi:SO/PSD/2024-25/7813. 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.