Settlement order passed with regard to the suo motu settlement application filed – THE SECURITIES AND EXCHANGE BOARD OF INDIA
Settlement order passed with regard to the suo motu settlement application filed – THE SECURITIES AND EXCHANGE BOARD OF INDIA
Applicant Mrs. Amrita Prabhakar Deodhar filed a suo motu settlement application proposing to settle, without admitting or denying the findings of fact and conclusions of law, through a settlement order for the alleged violation of Regulation 10(5) of SEBI regulation,2011 and the proceedings for settlement were initiated under S.K. MOHANTY, ANANTA BARUA (Whole Time Member) in the Settlement Application No. 6537 of 2021
The applicant was a promoter of APlAB Limited and was the individual holder of 24.35% share capital of the company along with a person acting in concert holding 18,75,639 equity shares representing 37.51% of the total share capital of the company. On July 08, 2021, the applicant acquired 0.85%of equity shares of the total company and the aforesaid shareholding resulted in the increase of total holding from m 24.35% to 25.20% and it was a violation as prescribed under Regulation 3(1) read with Regulation 3(3) of SAST Regulations. In terms of Regulation 10(1)(a)(i) of the SAST Regulations. The applicant before acquiring the share should have been informed at least four days before but the same was delayed six days and within the applicant was alleged to have violated Regulation 10(5) of the SAST Regulations.
The high powered advisory authority considered the application and the settlement terms proposed by the applicant and settled upon the amount ₹3,31,500/-
The authority passed the order 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 the order proposed the condition and direction for the applicant to follow hence the settlement is completed.
Order reviewed by Naveen Sharma