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High powered settlement committee accepted the settlement terms proposed by the applicant -THE SECURITY AND EXCHANGE BOARD OF INDIA

High powered settlement committee accepted the settlement terms proposed by the applicant -THE SECURITY AND EXCHANGE BOARD OF INDIA

A settlement application filed by the applicant Mr. S. Madhavan and admitting the allegations made in the show cause notice without demanding a personal hearing under settlement regulations,2018 the proceedings were done under S.K. MOHANTY and ANANTA BARUA (WHOLE TIME MEMBER) in settlement application no. 6559 of 2021

A show cause notice was sent to applicant the Independent Director of UFO Movie India Limited the allegation made of that applicant an independent director came across an high sensitive information about the amalgamation of two firms and traded it in the scrip of the company hence the applicant  was alleged to have violated Regulation 4(1) of the PIT Regulations and Sections 12A(d) and 12A(e) of the SEBI Act .

Pursuant to the settlement application the High-Powered Advisory Committee considered the settlement terms proposed by the applicant and the disgorgement amount along with 12% simple interest.

Considering the settlement done the members exercised the powers conferred under Section 15JB of the Securities and Exchange Board of India Act, 1992 and in terms of Regulations 23 read with Regulation 28 of the Settlement Regulations and placed certain terms and condition and the settlement application was concluded.

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Order reviewed by Naveen Sharma

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