SEBI Settles Matter Against Den Networks, Paid Rs. 4.93 Crore

Market regulator Sebi has disposed of the case against Den Networks and 24 other entities after they made a total payment of Rs 4.93 crore to settle charges of alleged unfair practices in the market. Besides the cable television services firm, its Chairman and Managing Director Sameer Manchanda and six directors are also part of the consent deal reached with Securities and Exchange Board of India.

DEN Networks had allegedly directly or indirectly provided funds to certain entities which had applied for its IPO and had not made such disclosures. Out of the total settlement amount, Den Networks and its promoter group Lucid Systems has made a payment of Rs 2.08 crore each. As part of the consent deal, Sameer Manchanda has paid Rs 2 lakh. Besides six directors of Den Networks -- Robindra Sharma, Atul Sharma, Shahzaad Siraj Dalal, Raghav Bahl, Ajaya Chand and Krishna Kumar PT have also paid Rs 2 lakh each.

According to SEBI, the applicants without admitting or denying the guilt on their part, had proposed the revised consent terms to settle the said adjudication proceedings and the proposed prosecution proceedings on payment of Rs 4.93 crore. The enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by the firm and the entities is found to be untrue.’

Thereafter, SEBI's High Powered Advisory Committee (HPAC) after considering the consent terms recommended the case for settlement on payment of the amount.

Source: http://cablequest.org/news/digitization-news/item/1913-sebi-settles-matter-against-den-networks,-paid-rs-4-93-crore.html