Settlement Order in respect of 8 entities in the matter of Punjab Alkalies and Chemicals Limited

Last updated: 29 October 2020

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Quick Summary

The Securities and Exchange Board of India (SEBI) has issued a settlement order concerning eight entities, including Mr. Sukhbir Singh Dahiya and others acting in concert. These applicants filed for settlement without admitting guilt, addressing potential enforcement proceedings for alleged violations of SAST Regulations. Specifically, they failed to disclose an acquisition of 0.434% equity shares in Punjab Alkalies and Chemicals Limited within the stipulated two days, resulting in a significant delay of 568 days in their disclosure.

Court :
SEBI

Brief :
Mr. Sukhbir Singh Dahiya along with 7 other ‘Persons Acting in Concert’ (referred to above and hereinafter referred to as the ‘applicants’) had filed suo motu settlement applications in terms of the SEBI (Settlement Proceedings) Regulations, 2018 (hereinafter referred to as the ‘Settlement Regulations’) proposing to settle, without admitting or denying the findings of fact and conclusions of law, through a settlement order, the probable enforcement proceedings for the alleged violations of Regulation 29(1) and 29(2) read with Regulation 29(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as the ‘SAST Regulations’) in respect of the acquisition of shares in Punjab Alkalies and Chemicals Limited (hereinafter referred to as the ‘Company’).

Citation :
SO / EFD-2/ SD / 354 / OCTOBER / 2020

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