M/s. Allbright Electricals Pvt. Ltd.

13 matters before the Securities Appellate Tribunal

Penalties and directions recorded

Matters listed for 13 June 2023
Appellant directed to deposit Rs. 2 lakhs; balance amount not to be recovered during appeal if deposited.
Rs. 4 lakhs penalty on Company (Noticee No.1) under Section 23H SCRA for PIT non-disclosure upheld/conceded
Rs. 46 lakhs penalty on Noticees 1-23 under Section 15HA jointly and severally for Section 12A/PFUTP violation upheld
Rs 4 lakhs penalty on Company under Section 23H SCRA for PIT disclosure violation

SAT-appeal

SAT matter SATV-05C81658663BCDA60A4E51E3
Delay in filing the reply condoned and reply taken on record · Appellants granted three weeks to file rejoinder
Appeal: Appeal Nos. 534, 552, 739 and 125 of 2022 and Appeal No. 290 of 2023 were pending; listed for 13 June 2023
SAT matter SATV-3500B4D5DC2E63305111F263
Appeals listed for admission and final disposal on 24 July 2023
Appeal: Appeal Nos. 552 of 2022, 739 of 2022, 125 of 2023 and 290 of 2023 were pending and listed for admission and final disposal on 24 July 2023
SAT matter SATV-4C46DAD1C21C0201000284E9
Appeals to be listed for admission and for final disposal on July 24, 2023
Appeal: Appeal Nos. 552 of 2022, 739 of 2022, 125 of 2023 and 290 of 2023 pending; listed for admission and final disposal on 24 July 2023
SAT matter SATV-3449D5A5DB7EBF7E2795D159
Delay in filing the appeal condoned. · Matter connected with Appeal No. 125 of 2023 and listed for 20 April 2023.
Appeal: Appeal No. 290 of 2023; delay condoned on 27 March 2023; connected with Appeal No. 125 of 2023 and listed for 20 April 2023.
Company funded preferential allottees (Noticees 2-8) via conduits (Noticees 9-23) with round-tripping, so no genuine capital infusion - fraudulent; promoters failed to disclose change in shareholding and company filed incorrect quarterly shareholding pattern.
Rs. 4 lakhs penalty on Company (Noticee No.1) under Section 23H SCRA for PIT non-disclosure upheld/conceded · Rs. 46 lakhs penalty on Noticees 1-23 under Section 15HA jointly and severally for Section 12A/PFUTP violation upheld
SAT matter SATV-7F7F63CAD4DA51E95231D0F1
Adjourned on the request of the appellants · List on 27th April, 2023
Appeal: Appeal Nos. 534/2022, 739/2022, 552/2022, 125/2023, 290/2023 adjourned to 27 April 2023
Company funded preferential allottees via conduits with round-tripping of subscription funds showing no genuine capital infusion; promoters failed PIT disclosures and filed wrong shareholding pattern.
Rs 4 lakhs penalty on Company under Section 23H SCRA for PIT disclosure violation · Rs 46 lakhs penalty on noticees 1-23 jointly and severally under Section 15HA for PFUTP violation
Appeal: Appeal Nos 739/2022, 552/2022, 125/2023 and 290/2023 against AO order dated 13.04.2022 decided on 28.07.2023 (reserved 24.07.2023)
SAT matter SATV-BFE97C30ABBF2D9D00F0F163
These appeals will be listed for admission and for final disposal on July 24, 2023
Appeal: Appeal Nos. 552 of 2022, 739 of 2022, 125 of 2023, 290 of 2023 pending; Misc Applications 1401/2022, 922/2022, 65/2023, 351/2023; SAT order dated 13.06.2023 listing for admission and final disposal on 24.07.2023
Company funded preferential allottees via conduits with round-tripping of funds showing no genuine capital infusion; promoters failed PIT disclosures and company filed wrong shareholding pattern.
AO penalty Rs.4 lakhs on company under Sec 23H SCRA for PIT non-disclosure · AO penalty Rs.46 lakhs on noticees 1-23 under Sec 15HA jointly and severally for Sec 12A/PFUTP violation
Appeal: Appeals 739/2022, 552/2022, 125/2023, 290/2023 against AO common order 13 Apr 2022; reserved 24 Jul 2023, decided 28 Jul 2023
SAT matter SATV-5757C98A2672B451C9666AC4
Appeals to be listed for admission and final disposal on 24 July 2023
Appeal: Appeal Nos. 552 of 2022, 739 of 2022, 125 of 2023 and 290 of 2023 were pending; listed for admission and final disposal on 24 July 2023
SAT matter SATV-6B154175E4AA70604FC23FD1
Heard learned counsel for parties and reserved order · Parties to act on digitally signed copy by Private Secretary; certified copy available from Registry on payment
Appeal: Appeal Nos. 739/2022, 552/2022, 125/2023, 290/2023 with Misc. Applications 922/2022, 1401/2022, 65/2023, 351/2023 heard on 24.07.2023; order reserved, not disposed
SAT matter SATV-B7BD3E0237D0F01FEA79C273
Heard counsel for parties; order reserved · Parties to act on digitally signed copy of order by Private Secretary
Appeal: Appeal Nos. 739/2022, 552/2022, 125/2023, 290/2023 with Misc. Applications 922/2022, 1401/2022, 65/2023, 351/2023 - heard on 24.07.2023, order reserved
Company funded preferential allottees (Noticees 2-8) via conduit entities (Noticees 9-23) by round-tripping funds, showing no genuine capital infusion; plus promoter and quarterly shareholding disclosure failures.
SAT confirmed AO finding of fraudulent funding and round-tripping by Company through conduits · Company conceded PIT non-disclosure; Rs 4 lakh penalty sustained in reasoning
Appeal: Appeal Nos. 739/2022, 552/2022, 125/2023, 290/2023 with Misc.Appl. 922/2022, 1401/2022, 65/2023 reserved 24.07.2023 decided 28.07.2023 together

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Source: SecMarx — M/s. Allbright Electricals Pvt. Ltd.. 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.