
SEBI has concluded adjudication proceedings against eight individuals linked to One97 Communications Limited (Paytm), imposing settlement terms after allegations of regulatory violations. The settlement process followed the filing of applications by the accused, offering monetary penalties without admitting or denying the findings.
Key Highlights:
- Allegations: The individuals, including independent and non-executive directors, were accused of failing to ensure regulatory compliance, approving offer documents with inaccurate statements, and misrepresentations about the company’s promoter status.
- Settlement Terms:
- Ashit Ranjit Lilani and Neeraj Arora each paid ₹53,62,500.
- Ravi Chandra Adusumalli, Mark Schwartz, Pallavi Shardul Shroff, Douglas Feagin, and Munish Varma each paid ₹42,90,000.
- Amit Khera paid ₹11,05,000.
- Proceedings:
- The settlement terms were reviewed and approved by SEBI’s Internal Committee (IC), High-Powered Advisory Committee (HPAC), and the Panel of Whole-Time Members (WTMs).
- The monetary settlements were finalized after revised terms were submitted by the individuals in September 2024.
SEBI’s Stand:
The settlement ensures compliance with the SEBI Act and related regulations. However, SEBI retains the right to reopen proceedings if discrepancies or incomplete disclosures are discovered.
This settlement underscores SEBI’s approach of ensuring regulatory adherence while allowing individuals to resolve cases without prolonged litigation. The case highlights the importance of compliance in corporate governance and transparency in disclosures.