sebi:SO/SG-AK/EAD/20/2016
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Facts / Headnote
Adjudication proceedings disposed of by settlement on payment of settlement terms
Regulations
- Reg. 7
- Reg. 17
- Reg. 15
- Reg. 7(2)
- Reg. 19
Parties
- Manan K Mahadevia
Holding
The adjudication proceedings against Manan K Mahadevia for alleged violation of Regulation 7(1A) read with Regulation 7(2) of SAST Regulations, 1997 were disposed of by settlement on payment of Rs 2,00,000. The order is without prejudice to SEBI's right to reopen if representations are untrue or settlement conditions are breached.
Full text
Settlement order in respect of Mr. Manan K Mahadevia in the matter of M/s Tak Machinery and Leasing Limited Page 2 of 4 Accordingly, a Show Cause Notice no EAD/JJ/AK/4021/2014 dated February 05, 2014 (SCN) in terms of the provisions of Rule 4 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 was issued to the Noticee, seeking reply of the Noticee as to why an inquiry should not be held in respect of the violations alleged to have been committed by the Noticee.
Settlement order in respect of Mr. Manan K Mahadevia in the matter of M/s Tak Machinery and Leasing Limited Page 3 of 4 8. The revised settlement terms as proposed by the Noticee were placed before the High Powered Advisory Committee (HPAC) on March 09, 2016 and HPAC after deliberation recommended the case for settlement on payment of ` 2,00,000/‐ (Rupees Two Lakhs only) towards settlement terms. The Panel of Whole Time Members of SEBI accepted the said recommendations of the HPAC. Thereafter, the same was communicated to Manan vide email dated May 20, 2016.
Settlement order in respect of Mr. Manan K Mahadevia in the matter of M/s Tak Machinery and Leasing Limited Page 4 of 4 12. In terms of Regulation 17 of Settlement Regulations, a copy each of this order is being sent to the Noticee and for publishing on the website of Securities and Exchange Board of India.
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Source: SecMarx — sebi:SO/SG-AK/EAD/20/2016. 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.