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Settlement Order in respect of Savi Porfolio Management Services Limited in the matter of Karma Industries Limited

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Court :
SEBI

Brief :
Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) had conducted an examination in the matter of Karma Industries Limited (hereinafter referred to as ‘the Company’). During the said examination, it was observed that Savi Portfolio Management Services Limited (hereinafter referred to as ‘the applicant’) had delayed making disclosures as required under Regulation 29(1) read with Regulation 29(3) of the SEBI (Substantial Acquisition of Shares and Takeovers), 2011 (hereinafter referred to as the ‘SAST Regulations’), in respect of change in their shareholding in the Company.

Citation :
SO / EFD-2/ SD / 355 / OCTOBER / 2020

SO / EFD-2/ SD / 355 / OCTOBER / 2020

BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA

SETTLEMENT ORDER

in Summary Settlement Application No. SS – 33 of 2020

filed by Savi Porfolio Management Services Limited [PAN: AAJCS1704P]

in the matter of Karma Industries Limited

1. Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) had conducted an examination in the matter of Karma Industries Limited (hereinafter referred to as ‘the Company’). During the said examination, it was observed that Savi Portfolio Management Services Limited (hereinafter referred to as ‘the applicant’) had delayed making disclosures as required under Regulation 29(1) read with Regulation 29(3) of the SEBI (Substantial Acquisition of Shares and Takeovers), 2011 (hereinafter referred to as the ‘SAST Regulations’), in respect of change in their shareholding in the Company.

2. It was observed from the examination of the Company that on September 28, 2016, the applicant acquired 1.25% equity shares of the Company, which led to an increase in their shareholding from 4.52% to 5.77%. The same was required to be disclosed to the Stock Exchange within two working days under Regulation 29(1) read with Regulation 29(3) of the SAST Regulations. However, it was observed that the said disclosure was made only on September 05, 2019 i.e. with a delay of 1069 days.

3. Before initiating proceedings under Section 15A(b) of the SEBI Act, 1992, a ‘Notice of Summary Settlement’ dated January 31, 2020 (hereinafter referred to as ‘notice’), was issued to the applicant, intimating thereby that the proceedings (to be initiated), may be settled and disposed of upon filing of a settlement application under Chapter-II of the SEBI (Settlement Proceedings) Regulations, 2018 (hereinafter referred to as ‘Settlement Regulations’) along with remittance of settlement amount of Rs. 3,00,000/- (Rupees Three Lakh only) to SEBI in terms of Chapter VII of the Settlement Regulations, within 30 calendar days from the date of receipt of the notice.

To know more in details find the attachment file

 

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on 29 October 2020
Published in LAW
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