9911796707
TMI Blog2022 (5) TMI 1613X X X X Extracts X X X X X X X X Extracts X X X X ..... iled settlement applications with SEBI in respect of the afore-said SCNs which is as currently pending before the Settlement Division of SEBI - as argued SEBI (Settlement Proceedings) Regulations, 2018 prohibit filing of settlement applications in respect of matters pending that are pending trial before any court. HELD THAT:- On the perusal of previous orders, no directions are found which restrain SEBI from considering/ adjudicating the settlement applications. It appears that the instant applications have been filed by way of abundant caution at the instance of HPAC. The Court has considered the objection put forth by Appellant but finds no cogent reason to reject the application. The decision on the settlement applications is the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inter-alia, pertain to noncompliance of minimum public shareholding norms, identity of promoters, valuation, etc. Further, the Petitioners are aggrieved by exit offers given by Respondent-Companies which is alleged to be contrary to the provisions of Securities Exchange Board of India Act, 1992, Rules and Regulations as well as exit circulars. 2. The Applicants (R-2, R-3, R-5, R-7 and R-8) have filed the present application contending that on 28th October, 2020 SEBI issued show cause notices [hereinafter SCNs ] to the Applicants and certain other entities for alleged violations of certain norms and regulations issued by SEBI in relation to minimum public shareholding, disclosures of shareholding details, etc. 3. The Applicants file ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the instance of HPAC. 8. The Court has considered the objection put forth my Mr. Jain, but finds no cogent reason to reject the application. The decision on the settlement applications is the prerogative of SEBI. It is for the SEBI to deliberate and decide the same, in accordance with applicable provisions of SEBI Act, Rules, Regulations, etc. Whether the applications are prohibited or not is not for this Court to determine. Accordingly, the applications are disposed of with a clarification that SEBI shall be free to deal/ adjudicate the settlement applications filed by the Applicants, on its own merits, in accordance with law. 9. The decision on the settlement applications shall not prejudice the Petitioners and all rights and conten ..... X X X X Extracts X X X X X X X X Extracts X X X X
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