Abhishek Arora, Jitendra Singh, Anil Kumar

4 matters before the Securities Appellate Tribunal

Penalties and directions recorded

AO directed disgorgement of unlawful gains made on sale of preferentially allotted shares at higher price
AO imposed monetary penalties for violation of Section 12A and Regulations 3, 4 PFUTP Regulations
AO imposed Rs 2.14 cr, Rs 76 lakh, Rs 19 lakh, Rs 30 lakh and Rs 8 lakh jointly and severally
AO directed disgorgement of unlawful gains from sale of preferential shares at higher price
AO penalties: Rs 2.14 cr, Rs 76 lakh, Rs 19 lakh, Rs 30 lakh and Rs 8 lakh jointly; SAT affirms fraud finding

SAT-appeal

Fraudulent preferential allotment of Abhishek Infraventures Ltd without genuine capital infusion via routing of funds and misleading trading.
AO directed disgorgement of unlawful gains made on sale of preferentially allotted shares at higher price · AO imposed monetary penalties for violation of Section 12A and Regulations 3, 4 PFUTP Regulations
Fraudulent preferential allotment of Abhishek Infraventures without genuine capital infusion via routed funds; structured trades creating false volume and LTP.
AO imposed Rs 2.14 cr, Rs 76 lakh, Rs 19 lakh, Rs 30 lakh and Rs 8 lakh jointly and severally · AO directed disgorgement of unlawful gains from sale of preferential shares at higher price
Fraudulent preferential allotment of Abhishek Infraventures Ltd without genuine capital infusion via circular funding and structured trades creating false volume/LTP.
AO penalties: Rs 2.14 cr, Rs 76 lakh, Rs 19 lakh, Rs 30 lakh and Rs 8 lakh jointly; SAT affirms fraud finding · Disgorgement of unlawful gains made on sale of preferentially allotted shares at higher price
Appeal: Appeal Nos. 924-927 of 2022 and 29-31 of 2023 against AO order dated 16.09.2022; reserved 12.06.2023, decided 15.06.2023
Fraudulent preferential allotment of Abhishek Infraventures Ltd without genuine capital infusion via routed funds, and structured trades creating misleading appearance, artificial volume and LTP rise.
Rs 2.14 crore penalty on noticee Sr No 2 · Rs 76 lakh penalty on noticee Sr No 3
Appeal: Appeal Nos 924-927 of 2022 and 29-31 of 2023, Order Reserved 12.06.2023, Date of Decision 15.06.2023

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