sebi:SO/SM/MG/2021-22/6323
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Facts / Headnote
Adjudication proceedings disposed of on settlement terms
Provisions invoked
- s. 15J
Regulations
- Reg. 13
- Reg. 25
- Reg. 28
- Reg. 23(1)
Holding
The adjudication proceedings initiated against Noticee vide SCN dated November 05, 2020 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.
Full text
Page 2 of 3 quarter ended June 2015. In this regard, it was observed that Noticee had sold 140550 shares (0.96% of total shareholding) between May 08, 2015 and May 13, 2015. b) It was observed that Noticee, who is part of the promoter group, had sold shares on 4 trading days between May 08, 2015 and May 13, 2015 and the transactions made by Noticee on all the aforesaid 4 days exceeded the limits prescribed in Regulation 13(4A) read with 13(5) of the PIT Regulations. Therefore, disclosures were required to be provided by Noticee to the concerned exchanges where the shares of the company are listed and to the company within 2 working days as per the provisions of PIT Regulations. However, it was observed that no disclosures were filed by Noticee with regard to the said transactions
Page 3 of 3 a) Noticee fails to comply with the settlement order or at any time after the settlement order is passed, b) Noticee has not made full and true disclosure or has violated the undertakings or waivers, settlement
4. I note from the records that during the course of proceedings, without admitting or denying the findings of fact and conclusions of law, the Authorized Signatory of Noticee, Mr. Prahlad Rai Agarwalla (Hereinafter referred to as ‘Applicant’) proposed to settle the instant proceedings initiated against it through a settlement order and filed a settlement application dated January 16, 2021 with SEBI (reference number 6323/2021), in terms of the provisions of SEBI (Settlement Proceedings) Regulations, 2018 (hereinafter referred to as "Settlement Regulations").
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Source: SecMarx — sebi:SO/SM/MG/2021-22/6323. 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.