Ajay Sethi

10 matters before the Securities Appellate Tribunal

Penalties and directions recorded

WTM order 30-09-2019 restraining company 5 years confirmed for Chromatic and Vinod Kaushik
Rs.10 crore penalty on company held appropriate, neither arbitrary nor excessive
Rs 10 crore penalty on company held appropriate, neither arbitrary nor excessive
WTM restraint: company 5 years, directors limited period; Vipin Sharma cautioned 25-09-2020
Rs 10 cr penalty on company held appropriate, neither arbitrary nor excessive

SAT-appeal

Fraudulent GDR issue Oct 2010 with Vintage FZE as concealed sole subscriber via loan/pledge, fictitious subscriber list and non-disclosure under Listing Agreement.
Delay condoned in Misc. Applications 67 of 2020 and 428 of 2021 · WTM order 30-09-2019 restraining company 5 years confirmed for Chromatic and Vinod Kaushik
Appeal: Seven appeals Nos.393,394,64,487,488 of 2020, 203 and 184 of 2021 decided together on 12.05.2021; prior Appeal 58 of 2020 allowed 06-02-2020 remanding Vipin Sharma case
SAT matter SATV-7A5A486B9E62B7E3BAED48AD
Connected with Appeal No. 393 of 2020 Chromatic India Ltd vs SEBI · Order reserved after hearing counsel for parties
Appeal: Appeal No. 184 of 2020 by Ajay Sethi vs SEBI heard on 10.05.2021; order reserved; connected with Appeal No. 393 of 2020
GDR fraud: Vintage FZE sole subscriber via concealed Loan/Pledge Agreement, fictitious subscriber list, diversion of proceeds and non-disclosure under Listing Agreement.
Findings of WTM order 30-09-2019 and AO order 31-03-2020 against Chromatic and Vinod Kaushik confirmed · Rs 10 crore penalty on company held appropriate, neither arbitrary nor excessive
Appeal: Prior Appeal No. 58 of 2020 by Vipin Sharma allowed 06-02-2020; WTM order set aside and remanded for fresh hearing
SAT matter SATV-8DF4D59D5FF537921FA95298
Connected with Appeal No. 393 of 2020 (Chromatic India Ltd. vs SEBI) · Heard learned counsel for parties and order reserved
Appeal: Appeal No. 203 of 2021 with Misc. Application No. 428 of 2021 heard on 03.05.2021, order reserved
SAT matter SATV-A32A5726D06A9D94A0D99B6E
Connected with Appeal No. 393 of 2020 Chromatic India Ltd vs SEBI · Order reserved after hearing counsel for parties
Appeal: Appeal No. 184 of 2020 (Ajay Sethi vs SEBI) heard on 10.05.2021; order reserved; connected with Appeal No. 393 of 2020
Fraudulent October 2010 GDR issue of USD 35.78 mn (~Rs 159 cr) with Vintage FZE as sole concealed subscriber via loan/pledge, fictitious subscriber list and non-disclosure under Listing Agreement.
Delay condoned; Misc Applications 67 of 2020 and 428 of 2021 allowed · Findings of WTM 30.09.2019 and AO 31.03.2020 against company and Vinod Kaushik confirmed
Appeal: Seven appeals 393/2020, 394/2020, 64/2020, 487/2020, 488/2020, 203/2021, 184/2020 decided together on 12.05.2021; prior Appeal 58/2020 allowed 06.02.2020 remanding Vipin Sharma case
Fraudulent October 2010 GDR issue where Vintage FZE was sole subscriber via concealed loan/pledge, fictitious subscriber list filed and proceeds diverted with no disclosure.
Findings of WTM order 30.09.2019 and AO order 31.03.2020 against company and Vinod Kumar Kaushik confirmed · Company restrained from securities market for 5 years; directors restrained for limited period
Fraudulent October 2010 GDR issue of USD 35.78M with Vintage FZE as sole concealed subscriber via loan/pledge, fictitious subscriber list and undisclosed agreements, proceeds diverted abroad.
Delay condoned in Misc. Applications 67 of 2020 and 428 of 2021 · Confirmed WTM order 30.09.2019 restraining Chromatic 5 years and directors for limited period
Appeal: Seven appeals 393, 394, 64, 487, 488 of 2020 and 203, 184 of 2021 decided together on 12.05.2021; prior Appeal 58 of 2020 allowed 06.02.2020 remanding Vipin Sharma case
Fraudulent GDR issue Oct 2010 of USD 35.78 mn (~Rs159 cr) with Vintage FZE as concealed sole subscriber via loan/pledge, fictitious subscriber list and non-disclosure.
Delay condoned, Misc. Apps 67 of 2020 and 428 of 2021 allowed · Findings of WTM 30.09.2019 and AO 31.03.2020 vs Chromatic and Vinod Kaushik confirmed
Appeal: Prior Appeal No.58 of 2020 by Vipin Sharma allowed 06.02.2020, WTM order set aside for fresh hearing; present 7 appeals decided 12.05.2021
Fraudulent October 2010 GDR issue with Vintage FZE as concealed sole subscriber via loan/pledge, fictitious subscriber list and diversion of proceeds.
WTM order 30.09.2019 restrained Chromatic India for 5 years, directors for limited period · AO order 31.03.2020 penalties confirmed against company and Vinod Kaushik
Appeal: Appeal Nos 393/2020, 394/2020, 64/2020, 487/2020, 488/2020, 203/2021, 184/2020 decided together on 12.05.2021; prior Appeal 58/2020 allowed 06.02.2020 remanding Vipin Sharma case

Analyse these matters in Ontology · Plans

Source: SecMarx — Ajay Sethi. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (charges, outcomes, appeal chain) is cited to us.