sebi:SO/SM/DD/2022-23/6609
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Facts / Headnote
Adjudication proceedings initiated vide SCN dated August 12,2021 disposed of in terms of Section 15JB of the SEBI Act read with Regulation 23(1) of the Settlement Regulations upon payment of settlement amount
Provisions invoked
- s. 15J
Regulations
- Reg. 25
- Reg. 28
- Reg. 23(1)
- Reg. 3(1)
- Reg. 201
- Reg. 4
- Reg. 4(1)
- Reg. 30(2)
- Reg. 4(1)(d)
- Reg. 30(6)
Parties
- Hubtown Limited
Holding
The instant adjudication proceedings initiated against Hubtown Limited vide SCN dated August 12,2021 are disposed of in terms of Section 15JB of the SEBI Act read with Regulation 23(1) of the Settlement Regulations on the basis of settlement terms upon payment of Rs. 16,91,415.
Full text
Settlement Order in the matter of Hubtown Limited Page 2 of 5 listed entity shall first disclose to stock exchange(s) of all events, as specified in Part A of Schedule-III, or information as soon as reasonably possible and not later than twenty-four hours from the occurrence of event ort information.
Settlement Order in the matter of Hubtown Limited Page 3 of 5 3.6. It was observed that the Company had disclosed the cost of Acquisition amounting i.e. purchase consideration of Rs. 48,19,46,220/- (Rs. 3,780/-per share). However, this consideration was subject to certain condition i.e. if E- Commerce obtains sanction of 5 commercial FSI within a period of 4 months otherwise Rs. 1,890/- per share i.e. approx. amounting of Rs. 24.10 Crores as submitted by Stock Exchanges. However, E-commerce failed to obtain sanction of 5 commercial FSI, accordingly, the said actual purchase consideration was Rs. 24.10 Crores.
Settlement Order in the matter of Hubtown Limited Page 4 of 5 3.10. In view of the foregoing, it is alleged that Noticee has violated the Regulations 4(1)(d) & 4(1) (e) of LODR Regulations 2015.
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Source: SecMarx — sebi:SO/SM/DD/2022-23/6609. 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.