Amul Gagabhai Desai

SAT-appeal

• SAT matter SATV-03F3F5748B755C91DA9EB98A
  Appellants granted three weeks to file rejoinder · Matters listed on 11 August 2023
  Appeal: Appeal Nos. 342 to 347 of 2023; procedural order dated 23 June 2023 granting time for rejoinder and listing matters on 11 August 2023
• Alleged fraudulent and unfair trade practices through connected reversal, matched and self-trades, volume manipulation, price manipulation and contribution to positive LTP in Ushdev International Ltd.
  All appeals were dismissed. · SEBI AO directions imposing penalties ranging from Rs.5 lakhs to Rs.30 lakhs on the respective appellants were upheld.
  Appeal: Appeal Nos.265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 dismissed by SAT on 8 June 2021.
• Connected noticees allegedly engaged in reversal, matched and self-trades, price and volume manipulation, and contributed to the positive Last Traded Price in Ushdev International Ltd.
  All appeals were dismissed. · SEBI AO directions imposing penalties ranging from Rs.5 lakh to Rs.30 lakh on the respective appellants were upheld.
  Appeal: Appeal Nos.265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 dismissed by SAT on 8 June 2021.
• Appeals against an impugned SEBI order alleging violation of the SEBI PFUTP Regulations through trading in the concerned scrip during the investigation period.
  Miscellaneous Application No. 72 of 2021 for additional evidence was allowed. · Appellant to deposit costs of Rs. 20,000 with the Registrar.
  Appeal: Appeal Nos. 265 and 267 to 276 of 2019 were pending before SAT; final disposal was listed for 26 April 2021. Misc. Application No. 72 of 2021 was allowed.
• SAT matter SATV-14F51BA43697945DB5FFC298
  SEBI to file objection/reply to Misc. Application No. 72 of 2021 within two weeks from 22 February 2021 · Appellant to file rejoinder, if any, within two weeks thereafter
  Appeal: Multiple connected appeals, including Appeal Nos. 265 and 267-276 of 2019, remained pending; Misc. Application No. 72 of 2021 sought additional evidence and was listed for orders on 19 March 2021.
• Creating artificial volumes and a misleading appearance in the securities market through matched trades, reversal trades and self trades in the Oregon Commercial Ltd. scrip.
  Appeals allowed on the ground of inordinate delay in issuing the show-cause notice · Common AO order dated 16 November 2018 imposing penalties was set aside
  Appeal: Appeal Nos. 169, 171, 172, 231, 264, 266, 277, 278, 279, 280 and 281 of 2019 decided by SAT on 31 January 2020
• SAT matter SATV-1D7089F53FF0571B168A6D72
  Respondent to file objection/reply to Misc. Application No. 72 of 2021 within two weeks from 22 February 2021 · Appellant to file rejoinder, if any, within two weeks thereafter
  Appeal: Appeal Nos. 265 and 267-276 of 2019 were pending; Misc. Application No. 72 of 2021 in Appeal No. 265 of 2019 was directed to be replied to and listed for orders on 19 March 2021.
• Alleged fraudulent and unfair trading through reversal, matched and self-trades, price and volume manipulation, and contribution to positive Last Traded Price in Ushdev International Ltd.
  All appeals were dismissed. · The Adjudicating Officer’s penalties ranging from Rs.5 lakh to Rs.30 lakh per appellant were upheld.
  Appeal: Appeal Nos.265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 dismissed on 8 June 2021; 17 of 18 noticees appealed.
• Failure to make a public announcement as required under the takeover regulations.
  Appeal No. 42 of 2022 dismissed on the ground of laches · Miscellaneous Application No. 11 of 2022 for condonation of delay dismissed
  Appeal: Appeal No. 42 of 2022 and Miscellaneous Application No. 11 of 2022 dismissed by SAT on 04 February 2022 for inordinate delay and insufficient cause.
• The appellants were alleged to have acted as a group and executed manipulative matched trades and self-trades in Shree Global Tradefin Ltd., involving fraud and unfair trade practices.
  Show cause notice dated 20 July 2017 quashed · AO penalty order dated 25 October 2018 quashed
  Appeal: Appeal Nos. 102, 122, 193, 268 and 269 of 2019 decided together and allowed on 14 November 2019.
• Appeals arose from an impugned order concerning alleged violations of the SEBI PFUTP Regulations in trading the scrip during the investigation period.
  Miscellaneous Application No. 72 of 2021 for additional evidence was allowed · Appellant to deposit costs of Rs. 20,000 with the Registrar
  Appeal: Appeal Nos. 267, 270, 271, 272, 273, 274, 275, 276 and 265 of 2019 were pending; final disposal was listed for 26 April 2021
• Alleged fraudulent and unfair trade practices in violation of Section 12A of the SEBI Act read with Regulations 3 and 4 of the PFUTP Regulations.
  Impugned AO order dated 16 November 2018 quashed. · Matters remitted to the AO for fresh decision after giving appellants opportunity to file replies and contest.
  Appeal: Appeal Nos. 36, 37, 38, 39 and 52 of 2022 allowed on 29 August 2022; impugned order quashed and matters remitted.
• Appeals arose from an impugned order concerning alleged violations of the SEBI PFUTP Regulations. The appellants disputed that their trading constituted an unfair trade practice.
  Miscellaneous Application No. 72 of 2021 for additional evidence was allowed. · Appellant directed to deposit costs of Rs. 20,000 with the Registrar.
  Appeal: Appeal Nos. 265, 267, and 270-276 of 2019 were pending; the order dated 19 March 2021 allowed additional evidence in Misc. Application No. 72 of 2021 and listed the appeals for final disposal on 26 April 2021.
• Connected entities indulged in reversal, matched and self-trades and price/volume manipulation contributing to positive LTP in Ushdev International Ltd.
  All appeals (Nos.265,267,270-276 of 2019) dismissed · AO penalty order imposing Rs.5 lakhs to Rs.30 lakhs upheld
  Appeal: Appeal Nos.265,267,270,271,272,273,274,275,276 of 2019 dismissed by SAT vide decision dated 08.06.2021 (reserved 26.04.2021)
• Connected appellants indulged in reversal, matched and self-trades with price and volume manipulation contributing to LTP in Ushdev International Ltd.
  All appeals dismissed · AO penalty of Rs 5 lakhs to Rs 30 lakhs upheld
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 dismissed on 08.06.2021 (reserved 26.04.2021)
• Alleged fraudulent and manipulative scheme involving artificial price/volume creation, unsolicited bulk SMS recommending Timbor Home Ltd. shares, and subsequent dumping of shares on induced investors.
  Miscellaneous Application No. 934 of 2022 allowed and documents taken on record · Appeal Nos. 45 and 46 of 2022 dismissed
  Appeal: Appeal Nos. 45 and 46 of 2022 dismissed by SAT on 27 September 2022 with no order as to costs.
• Admitted repeated failures to make shareholding disclosures under SAST Reg 7 and PIT Reg 13 (28 instances by Rana, 20 instances by Desai).
  Appeal No. 283 of 2019 partly allowed: penalty of Rs 18 lakhs reduced to Rs 8 lakhs · Appeal No. 284 of 2019 dismissed: penalty of Rs 6 lakhs upheld
  Appeal: Appeal Nos. 283 and 284 of 2019 decided on 05.11.2019; 283 partly allowed, 284 dismissed
• Connected entities indulged in reversal, matched, self trades and price-volume manipulation contributing to positive LTP in Ushdev International Ltd.
  All appeals dismissed, AO penalty order confirmed with no interference on quantum
  Appeal: Appeal Nos. 265,267,270,271,272,273,274,275,276 of 2019 decided on 08.06.2021 (reserved 26.04.2021) - dismissed
• Appellants as group executed extensive match trades and self trades in Shree Global Tradefin Ltd in manipulative manner amounting to fraud and unfair trade practice
  Second show cause notice dated July 20, 2017 and impugned AO order quashed · All appeals (102,122,193,268,269 of 2019) allowed
  Appeal: Appeal Nos. 102, 122, 193, 268, 269 of 2019 allowed by SAT decision dated 14.11.2019 (reserved 05.11.2019)
• Group executed extensive matched trades and self trades in Shree Global Tradefin Ltd in manipulative manner amounting to fraud and unfair trade practice.
  Second show cause notice dated July 20, 2017 quashed · Impugned AO penalty order dated October 25, 2018 quashed
  Appeal: Appeal Nos. 102, 122, 193, 268, 269 of 2019 disposed and allowed by SAT on 14.11.2019 (reserved on 05.11.2019)
• Aiding Timbor Home promoter group in offloading shares via intermediaries acting in concert and inducing gullible investors with misleading advice.
  Findings in WTM order dated November 20, 2020 upheld · Matter remitted to WTM, SEBI for recalculation of disgorgement as per law
  Appeal: Appeal No.47 of 2022 with Misc. Application No.1226 of 2022 allowed in part on 29 January 2026; findings upheld, remanded for disgorgement recalculation
• Alleged unfair trade practice in trading of scrip in question during investigation period in violation of SEBI (PFUTP) Regulations.
  Misc. Application No. 72 of 2021 in Appeal No. 265 of 2019 allowed on payment of costs · Appellant to deposit costs of Rs. 20,000 before Registrar of Tribunal
  Appeal: Appeals Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 pending; Misc. Application No. 72 of 2021 allowed vide order dated 19.03.2021, listed for final disposal on 26.04.2021
• Alleged violation of Section 12A(a),(b),(c) read with Regulations 3 and 4 of PFUTP Regulations, 2003 for fraudulent and unfair trade practices.
  Impugned AO ex-parte order quashed and Appeals No. 36,37,38,39,52 of 2022 allowed · Matters remitted to AO to decide afresh after giving opportunity to file replies and contest
  Appeal: Appeal Nos. 36,37,38,39,52 of 2022 allowed on 29.08.2022; prior Appeal No.123 of 2019 allowed on 07.11.2019 with remand for fresh SCN
• Connected entities in concert inflated Timbor Home Ltd price via small buys, sent misleading bulk SMS buy recommendations, then dumped shares on gullible investors in violation of PFUTP Regs 3, 4.
  Appeal No. 45 of 2022 and Appeal No. 46 of 2022 dismissed · AO penalty of Rs.5 lacs on each noticee confirmed
  Appeal: Appeal Nos. 45 and 46 of 2022 against AO order dated 23.03.2021 dismissed on 27.09.2022; Misc. Application No. 934 of 2022 allowed
• Connected entities indulged in reversal, matched and self-trades and price/volume manipulation contributing to positive LTP in Ushdev International Ltd.
  All appeals dismissed · AO penalty of Rs.5 lakhs to Rs.30 lakhs per appellant confirmed as proportionate to repetitive violations
  Appeal: Appeal Nos.265,267,270,271,272,273,274,275,276 of 2019 dismissed by SAT decision dated 08.06.2021 (reserved 26.04.2021)
• Alleged violation of the SEBI PFUTP Regulations through trading in the concerned scrip during the investigation period, asserted by SEBI to constitute an unfair trade practice.
  Miscellaneous Application No. 72 of 2021 for additional evidence allowed · Appellant to deposit costs of Rs. 20,000 with the Registrar within two weeks from 19 March 2021
  Appeal: Appeal Nos. 265, 267, and 270-276 of 2019 were pending before SAT; Miscellaneous Application No. 72 of 2021 was allowed. Final disposal was listed for 26 April 2021.
• Alleged fraudulent and unfair trade practices violating Section 12A SEBI Act read with Regulations 3-4 PFUTP Regulations; specific scrip/trades not detailed in SAT order
  Impugned AO ex-parte order quashed · Appeal Nos. 36, 37, 38, 39 and 52 of 2022 allowed
• Alleged violation of the SEBI (PFUTP) Regulations through trading in the relevant scrip during the investigation period, allegedly amounting to unfair trade practice.
  Miscellaneous Application No. 72 of 2021 for additional evidence allowed · Appellant directed to deposit Rs. 20,000 as costs before the Registrar within two weeks from 19 March 2021
  Appeal: Appeal Nos. 267, 270, 271, 272, 273, 274, 275, 276 and 265 of 2019 were pending before SAT; Misc. Application No. 72 of 2021 in Appeal No. 265 of 2019 was allowed. Final disposal listed for 26 April 2021.
• Violation of PFUTP Regulations 3(a)-3(d), 4(1), 4(2)(a) and 4(2)(g) relating to fraudulent and unfair trade practices
  Dismissal of Appeal No. 49 of 2022 and Misc. Application No. 19 of 2022 on ground of laches / inordinate delay · No order as to costs
  Appeal: Appeal No. 49 of 2022 with Misc. Application No. 19 of 2022 filed Jan 2022 against AO order 29 March 2019; dismissed as time-barred on 04.02.2022
• Creating artificial volumes and a misleading appearance in the securities market through matched trades, reversal trades and self trades in the Oregon Commercial Ltd. scrip.
  Common AO order dated 16 November 2018 challenged; appeals were being decided together. · SAT found a seven-year delay in issuing the show cause notice and criticized SEBI's explanation as patently farcical and an afterthought.
  Appeal: Appeal Nos. 169, 171, 172, 231, 264, 266, 277, 278, 279, 280 and 281 of 2019; order dated 31 January 2020; final disposal outcome is not included in the provided excerpt.
• Creating artificial volumes and misleading appearance in Oregon Commercial Ltd scrip through matched, reversal and self trades among connected entities.
  Group appeals allowed; common AO order dated November 16, 2018 set aside on ground of inordinate 7-year delay in SCN
  Appeal: Appeal Nos. 169,171,172,231,264,266,277,278,279,280,281 of 2019 reserved 23.01.2020 decided 31.01.2020 - allowed due to delay
• Group executed matched trades and self trades in Shree Global Tradefin Ltd in manipulative manner amounting to fraud and unfair trade practice.
  Show cause notice dated July 20, 2017 and impugned AO order quashed · All appeals (Nos. 102, 122, 193, 268, 269 of 2019) allowed
  Appeal: Appeal Nos. 102, 122, 193, 268, 269 of 2019 allowed by SAT on 14.11.2019 (reserved on 05.11.2019)
• Creating artificial volumes and misleading appearance in Oregon Commercial Ltd scrip through matched, reversal and self trades among connected entities.
  Appeal: Appeal Nos. 169, 171, 172, 231, 264, 266, 277, 278, 279, 280, 281 of 2019 before SAT; Order Reserved on 23.01.2020, Date of Decision 31.01.2020
• Connected entities indulged in reversal, matched and self-trades with price and volume manipulation contributing to positive LTP in Ushdev International Ltd.
  All nine appeals dismissed · AO penalty order for PFUTP violations confirmed with no interference on quantum
  Appeal: Appeal Nos.265,267,270,271,272,273,274,275,276 of 2019 decided on 08.06.2021 (reserved 26.04.2021); all dismissed
• Group indulged in extensive matched trades and self trades in Shree Global Tradefin Ltd in manipulative manner amounting to fraud and unfair trade practice.
  Second show cause notice dated July 20, 2017 quashed · Impugned AO order dated October 25, 2018 quashed
  Appeal: Appeal Nos. 102,122,193,268,269 of 2019 allowed by SAT order dated 14.11.2019 (reserved 05.11.2019)
• Repeated non-disclosures in violation of SAST Reg 7 and PIT Reg 13; 28 instances by Rana and 20 instances by Desai.
  Appeal No. 283 of 2019 partly allowed: penalty reduced from Rs 18 lakhs to Rs 8 lakhs · Appeal No. 284 of 2019 dismissed: penalty of Rs 6 lakhs upheld
• Creating artificial volumes and misleading appearance in Oregon Commercial Ltd scrip through matched, reversal and self trades.
• Creating artificial volumes and misleading appearance in Oregon Commercial Ltd scrip through matched, reversal and self trades in violation of PFUTP norms.
  Common AO order dated 16.11.2018 under challenge; Tribunal held 7-year delay vitiates penalties and set aside/quashed AO penalties
  Appeal: Appeal Nos. 169,171,172,231,264,266,277,278,279,280,281 of 2019 reserved 23.01.2020 decided 31.01.2020 by common order
• Created artificial volumes and misleading appearance in Oregon Commercial Ltd scrip by trading among themselves through matched, reversal and self trades.
  Group appeals challenge AO common order dated November 16, 2018; Tribunal examines 7-year delay in SCN (operative part truncated in excerpt)
  Appeal: Appeal Nos. 169,171,172,231,264,266,277,278,279,280,281 of 2019, Order Reserved 23.01.2020, Date of Decision 31.01.2020
• Connected noticees indulged in reversal, matched and self-trades and price/volume manipulation contributing to positive LTP in Ushdev International Ltd.
  All appeals dismissed · AO penalty of Rs.5 lakhs to Rs.30 lakhs confirmed with no interference on quantum
  Appeal: Appeal Nos.265,267,270,271,272,273,274,275,276 of 2019 dismissed by SAT decision dated 08.06.2021 (reserved 26.04.2021)
• Creating artificial volumes and misleading appearance in Oregon Commercial Ltd scrip via matched, reversal and self trades.
  Appeal: Group Appeals 169,171,172,231,264,266,277-281 of 2019 reserved 23.01.2020 decided 31.01.2020 challenging AO order
• Alleged violation of Section 12A SEBI Act read with Regulations 3 and 4 PFUTP Regulations for fraudulent and unfair trade practices.
  Impugned AO ex-parte order quashed, appeals allowed · Matters remitted to AO to decide afresh after allowing replies and contest
  Appeal: Appeal Nos. 36, 37, 38, 39, 52 of 2022 allowed on 29.08.2022; impugned AO order quashed and remanded
• Alleged creation of artificial volumes and misleading appearance in Oregon Commercial Ltd scrip via matched, reversal and self trades.
  Common AO order dated November 16, 2018 set aside and penalties quashed on ground of inordinate delay
  Appeal: Appeal Nos. 169, 171, 172, 231, 264, 266, 277, 278, 279, 280, 281 of 2019 reserved on 23.01.2020, decided on 31.01.2020
• Created artificial volumes and misleading appearance in Oregon Commercial Ltd scrip by trading among themselves through matched, reversal and self trades.
  Appeals allowed and AO common order dated November 16, 2018 set aside on ground of inordinate unexplained delay
• Creating artificial volumes and misleading appearance in Oregon Commercial Ltd scrip through matched, reversal and self trades in violation of PFUTP norms.
  Appeal: Appeal Nos. 169, 171, 172, 231, 264, 266, 277, 278, 279, 280, 281 of 2019 against AO order; reserved 23.01.2020, decided 31.01.2020