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    Settlement Order Against Rajendra Kumar Saboo in The Scrip of KDDL Ltd.

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    Shyam Sunder
    The Securities and Exchange Board of India initiated adjudication proceedings against Mr. Rajendra Kumar Saboo, promoter of KDDL Limited, for alleged violations of securities regulations regarding substantial acquisition of shares. Mr. Saboo applied for a consent settlement. After consideration of the facts and circumstances, the High Powered Advisory Committee recommended, and the Whole Time Members approved, settlement of the case for Rs. 8,96,750. Mr. Saboo remitted the settlement amount, and in view of the settlement, the adjudication proceedings against him were disposed of through this order, without prejudice to SEBI's right to take enforcement actions in the future if any representations made during settlement are found to be untrue or any settlement conditions are

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    Settlement Order Against Rajendra Kumar Saboo in The Scrip of KDDL Ltd.

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    Shyam Sunder
    132 views3 pages
    The Securities and Exchange Board of India initiated adjudication proceedings against Mr. Rajendra Kumar Saboo, promoter of KDDL Limited, for alleged violations of securities regulations regarding substantial acquisition of shares. Mr. Saboo applied for a consent settlement. After consideration of the facts and circumstances, the High Powered Advisory Committee recommended, and the Whole Time Members approved, settlement of the case for Rs. 8,96,750. Mr. Saboo remitted the settlement amount, and in view of the settlement, the adjudication proceedings against him were disposed of through this order, without prejudice to SEBI's right to take enforcement actions in the future if any representations made during settlement are found to be untrue or any settlement conditions are

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    Settlement Order against Rajendra Kumar Saboo in the scrip of KDDL Ltd.

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    The Securities and Exchange Board of India initiated adjudication proceedings against Mr. Rajendra Kumar Saboo, promoter of KDDL Limited, for alleged violations of securities regulations regarding substantial acquisition of shares. Mr. Saboo applied for a consent settlement. After consideration of the facts and circumstances, the High Powered Advisory Committee recommended, and the Whole Time Members approved, settlement of the case for Rs. 8,96,750. Mr. Saboo remitted the settlement amount, and in view of the settlement, the adjudication proceedings against him were disposed of through this order, without prejudice to SEBI's right to take enforcement actions in the future if any representations made during settlement are found to be untrue or any settlement conditions are

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    132 views3 pages

    Settlement Order Against Rajendra Kumar Saboo in The Scrip of KDDL Ltd.

    Uploaded by

    Shyam Sunder
    The Securities and Exchange Board of India initiated adjudication proceedings against Mr. Rajendra Kumar Saboo, promoter of KDDL Limited, for alleged violations of securities regulations regarding substantial acquisition of shares. Mr. Saboo applied for a consent settlement. After consideration of the facts and circumstances, the High Powered Advisory Committee recommended, and the Whole Time Members approved, settlement of the case for Rs. 8,96,750. Mr. Saboo remitted the settlement amount, and in view of the settlement, the adjudication proceedings against him were disposed of through this order, without prejudice to SEBI's right to take enforcement actions in the future if any representations made during settlement are found to be untrue or any settlement conditions are

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    of 3

    BEFORE THE ADJUDICATING OFFICER

    SECURITIES AND EXCHANGE BOARD OF INDIA, MUMBAI

    EAD-2/AO/DSR/VVK/ 514 /2015

    SETTLEMENT ORDER
    (Application No.2906 of 2014)

    On the application submitted by


    Mr.Rajendra Kumar Saboo,
    Promoter of KDDL Limited
    _______________________________________________________________
    1. Securities and Exchange Board of India (hereinafter referred to as SEBI),
    vide order dated 15th April,2014 initiated adjudication proceedings against Mr.
    Rajendra Kumar Saboo, Promoter-KDDL Limited (hereinafter referred to as
    the noticee) to inquire into and adjudge under Section 15A(b) of the
    Securities and Exchange Board of India Act, 1992 ( hereinafter referred to as
    SEBI Act, 1992) the violation of the provisions of Regulation 3(3),3(4) and
    3(5) of the Securities and Exchange Board of India (Substantial Acquisition of
    Shares and Takeovers) Regulations,1997 (hereinafter referred to as "SAST
    Regulations,1997") alleged to have been committed by the noticee in the
    matter of KDDL Limited during the year 2010.

    2. A Show Cause Notice (No. EAD-2/DSR/VVK/13360/2014 dated the 9th May,


    2014 (hereinafter referred to as SCN) was served on the noticee. In the
    SCN, it was alleged that the noticee's shareholding allegedly increased from
    9.98% to 17.52% ( increase by 7.54%) in KDDL Limited during the period
    April 2010 to June,2010.

    It was further alleged that the noticee failed to

    submit a report under regulation 3(4) of the SAST Regulations,1997.

    Page 1 of 3

    3. Pending the adjudication proceedings, the noticee submitted a

    Consent

    Application dated September 09, 2014 and an undertaking in the format


    prescribed by SEBI in terms of SEBI ( Settlement of Administrative and Civil
    Proceedings) Regulations, 2014. (hereinafter referred to as Settlement
    Regulations)

    4. Pursuant to the said

    application, the Authorized Representatives of the

    Noticee attended the IC meeting on April 27,2015 on behalf of the noticee.


    The revised settlement terms as proposed by the noticee vide his application
    dated February 12, 2015 for an amount of Rs.8,96,750/- ( Rupees eight lakh
    ninety six thousand seven hundred and fifty only ) was placed before the High
    Powered Advisory Committee (HPAC) in its meeting held on 12th June, 2015.
    After considering the facts and circumstances of the case, the HPAC
    recommended that the case may be settled on payment of `8,96,750/(Rupees eight lakh ninety six thousand seven hundred and fifty only ) which
    were approved by the panel of the Whole Time Members, SEBI on 11th
    August, 2015.
    5. Accordingly, the noticees have remitted a sum of ` 8,96,750/- (Rupees eight
    lakh ninety six thousand seven hundred and fifty only ) vide Demand Draft No.
    049791 dated August 22,2015, drawn on HDFC Bank, payable at Mumbai,
    towards the terms of settlement in the matter.

    6. In view of the above, in terms of Regulation 15(1) of Settlement Regulations, it


    is hereby ordered that this settlement order disposes of the adjudication
    proceedings initiated against the noticee vide the Show Cause Notice dated
    9th May, 2014.

    7. This order is without prejudice to the right of SEBI to take enforcement actions
    including commencing/ reopening of the pending proceedings against the
    Applicants, if SEBI finds that:

    Page 2 of 3

    i.

    any representation made by the noticees in the settlement proceedings


    are subsequently discovered to be untrue.

    ii.

    the

    noticees

    have

    breached

    any

    of

    the

    clauses/conditions

    of

    undertakings/waivers filed during the current settlement proceedings.

    8. In terms of Regulation 17 of Settlement Regulations, a copy of this order is


    being sent to the noticee and is published on the website of SEBI.

    Date: September 09, 2015


    Place: Mumbai

    D. SURA REDDY
    GENERAL MANAGER &
    ADJUDICATING OFFICER

    Page 3 of 3

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