sebi:SO/SBM/EAD-3/01/2018
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Facts / Headnote
Disposed of via settlement
Provisions invoked
- s. 15
- s. 23
Regulations
- Reg. 17
- Reg. 15(1)
- Reg. 3(1)
- Reg. 30
- Reg. 17(5)
Parties
- Shri Ajay Bijli
- M/s PVR Limited
Holding
The adjudication proceedings initiated against Shri Ajay Bijli and M/s PVR Limited vide SCN ref. SEBI/HO/EAD/31645/2016 dated November 22, 2016 were disposed of in terms of Regulation 15(1) of the Settlement Regulations, 2014 upon payment of settlement charges.
Full text
Page 2 of 4 Management of the Company as stipulated under Clause 49D of the erstwhile Listing Agreement and the corresponding provision of Regulation 17(5) of the LODR. It was alleged in the SCN that Applicant 2 had allegedly violated the provisions of clause 36 of the erstwhile Listing Agreement and the corresponding provision of Regulation 30 of the LODR. Therefore, it was alleged in the SCN that Applicant 1 was liable for monetary penalty under the provisions of section 15 HB of the SEBI Act, 1992 (hereinafter referred to as “SEBI Act”) r/w section 23 H of the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as “SCRA”) and Applicant 2 was liable for penalty under section 15 A of the SEBI Act r/w section 23 A of the SCRA.
Page 3 of 4 5. The settlement terms were placed before the High Powered Advisory Committee on Consent (hereinafter referred to as ‘HPAC’) on July 05, 2017, and the HPAC considered the facts and circumstances of the case, the proposed settlement terms offered by the applicants and other material brought before it by SEBI. The HPAC, however, sought certain details/clarifications in the matter and therefore, the aforementioned settlement application was deferred.
Page 4 of 4 8. In view of the above, in terms of Regulation 15(1) of the Settlement Regulations, 2014, it is hereby ordered that this settlement order disposes of the aforesaid adjudication proceedings initiated against the applicants viz. Shri Ajay Bijli and M/s PVR Limited vide SCN ref. SEBI/HO/EAD/31645/2016 dated November 22, 2016.
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Source: SecMarx — sebi:SO/SBM/EAD-3/01/2018. 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.