Akash Rajkumar Saraf

SAT-appeal

• Failure to disclose and misrepresentation of FCCB redemption default, litigation and diversion of MSD sale proceeds; alleged fraudulent device involving concealment of material price-sensitive information and diversion of funds to promoter-controlled entities.
  Appeal No. 48 of 2020 challenging the WTM order was dismissed; the two-year restraint from accessing the securities market was upheld. · Appeal No. 282 of 2020 challenged the AO penalty of Rs. 1.40 crores on the same allegations.
  Appeal: SAT decided Appeal No. 48 of 2020 on 8 November 2023; the text also refers to Appeal No. 282 of 2020 against the AO order dated 28 July 2020, but its final disposal is not shown in the provided text.
• Failure to timely disclose FCCB redemption default and diversion of MSD sale proceeds to subsidiary contrary to shareholder approval, with false BSE disclosures amounting to fraud on shareholders.
  Appeals dismissed, WTM finding of fraud and non-disclosure confirmed · WTM restraint of appellants from securities market for 2 years confirmed
  Appeal: Appeal No.48 of 2020 and Appeal No.282 of 2020 (referred as 288 of 2020) decided 08.11.2023, reserved 11.07.2023 - no interference with impugned orders
• Zenith defaulted on US$33 mn (2011) and US$50 mn (2012) FCCB redemptions; SEBI directed deposit/bank guarantee of US$33.93 mn.
  Misc. Application No. 88 of 2014 dismissed · Misc. Application No. 130 of 2014 dismissed
  Appeal: SEBI Civil Appeal No. 7134 of 2013 against SAT order 23 July 2013 disposed as infructuous by Supreme Court on 19 August 2014; Appeal No. 72 of 2014 pending
• Alleged diversion of USD 33.93 million sale proceeds of MSD Division by ZIL promoters/board, prejudicial to investors and market integrity, pending investigation.
  SAT admitted Appeal No.59 of 2013; allowed intervention by QVT and Quintessence · Stayed operation of impugned para 25(ii) bank guarantee during pendency of appeal