Consent Order in the matter of M/s. Cityman Limited

Mr. Santhosh J. Karimattom (“Applicant”), is one of the promoter of M/s. Cityman Limited (“Target Company”) had voluntarily filed the consent application in respect of delay in compliance of Regulation 6(3) for the year 1997, 7(1) for the year 2010 and 8(2) for the year 1998 to 2009 of SEBI (SAST) Regulations, 1997. It was observed by Internal Committee that the Target Company had settled delayed compliance of Regulation 6(2), 6(4) and 8(3) of SEBI (SAST) Regulations, 1997 by settlement order dated 4th April, 2013 and three promoters of Company had settled Regulation 3(3), 3(4), 6(3), 7(1A), 8(2) and 10 of SEBI (SAST) Regulations, 1997 by settlement order 28th June, 2013. Internal Committee observed that only the delay from December 27, 2010 to January 07, 2012 in filing requisite disclosure under Regulation 7(1) of SEBI (SAST) Regulation, 1997 remains to be settled. Further Committee also observed that the delay under Regulation 13(1) and 13(4) of SEBI (PIT) Regulations, 1992 is also remains to be settled from December 27, 2010 to January 07, 2012.
The applicant proposed to settle the above non-compliances on the payment of Rs. 6,16,875 towards settlement charges. The terms as proposed by the applicant were placed before High Power Advisory Committee (HPAC) and on the recommendation of HPAC, SEBI settle the above non compliances.

This is part of Takeover Panorama, September 2014 where you may find other recent Consent Orders, SAT orders and legal updates.


Popular posts from this blog

Leaves & Holidays under Indian Labour & Employment Laws

Work Hours and Overtime under the Factory Act, 1948 and Shops & Establishment Act

Increase in Stamp Duty on Share Certificates and Other Instruments by State of Haryana