15 entities settle Pressman Advertising case with Sebi, pay Rs 84L
As many as 15 entities settled a case related to alleged fraudulent trading in the shares of Pressman Advertising with markets regulator Sebi after paying over Rs 84 lakh towards settlement charges.
The entities are Anil Kumar Gupta, Ajay Kumar Gupta, Adarsh Kumar Sehgal, Ajay Kumar Gupta & Sons HUF, Mamta Sehgal, Ankit Jain, Atin Dawer, Jawahar Lal Havelia, Manav Dawer, Om Prakash Dawer, Rakesh Kumar Jain, Siddhartha Havelia, Neelam Gupta, Nisha Jain and Priyanka Havelia.
Sebi had initiated adjudication proceedings against the 15 entities for allegedly violating PFUTP (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations while dealing in the shares of Pressman Advertising.
While the proceedings were in progress, the entities had submitted applications to settle the same, according to 15 separate Sebi orders.
The settlement terms, as proposed by the entities, were placed before Sebi's High Powered Advisory Committee (HPAC).
The committee recommended the settlement of the proceedings on payment of Rs 7,73,500 each by 5 entities and Rs 4,59,000 each by the other 10. This was also approved by the panel of Whole Time Members of Sebi.
Earlier this month, all the entities paid the respective settlement amounts following which the Securities and Exchange Board of India (Sebi) disposed of the adjudication proceedings.
However, Sebi said if any representation made by the entities in the settlement proceedings is subsequently found to be untrue, the regulator can take enforcement actions against them.
As per a separate order, Singh Consultancy settled a case with Sebi related to alleged violation of PFUTP Regulation in the matter of Era Infra Engineering after paying Rs 5 lakh towards settlement charges.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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