Ankit R Sanchaniya

SAT-appeal

• Facilitating debarred entities to trade indirectly through appellants, conducting reversal trades and repeated self-trades that created artificial volume and a false or misleading appearance of trading.
  Appeals were decided together against the common AO order dated 5 November 2019. · The Tribunal upheld the findings that noticees 7 to 16 traded indirectly through noticees 1 to 6 in violation of the WTM restraint order and PFUTP Regulations.
  Appeal: Appeal Nos. 06, 23, 38, 39, 40, 41, 42, 126 and 127 of 2020 and Appeal No. 586 of 2019; decision dated 24 June 2021. Appeals challenged the common AO order dated 5 November 2019.
• Indirect trading by debarred entities through noticees 1–6 in violation of a WTM restraint order; reversal and self-trades allegedly created artificial volume and a false or misleading market appearance.
  Appeals against the common AO order dated 5 November 2019 were decided together; operative disposal is not included in the supplied text.
  Appeal: Appeal Nos. 06, 23, 38, 39, 40, 41, 42, 126 and 127 of 2020 and Appeal No. 586 of 2019; decision dated 24 June 2021. Final disposal directions are absent from supplied text.
• Reversal trades and repeated self-trades in Polytex India creating artificial volume, and Noticees 1-6 facilitating debarred Noticees 7-16 to trade indirectly in violation of WTM restraint.
  AO imposed penalties under Sections 15HA and 15HB; SAT decided all appeals together vide decision dated 24.06.2021
  Appeal: Appeal Nos. 06,23,38,39,40,41,42,126,127 of 2020 and 586 of 2019 against AO order 05.11.2019; reserved 14.06.2021, decided 24.06.2021
• Self trades and reversal trades creating artificial volume in Polytex India scrip and facilitating debarred Noticees 7-16 to trade indirectly via Noticees 1-6 in violation of WTM debarment.
  AO imposed penalties under Section 15HA and 15HB; all SAT appeals heard together against common order
• Self trades and reversal trades creating artificial volume in Polytex India and facilitating debarred entities (Noticees 7-16) to trade indirectly via Noticees 1-6 in violation of WTM debarment.
  AO imposed penalties under Section 15HA and 15HB on Noticees 1-16 · SAT rejected delay, loan and Regulation 4(2)(d) contentions, violations held established
  Appeal: Appeal No. 06 of 2020 with Nos. 23,38,39,40,41,42,126,127 of 2020 and 586 of 2019 against AO order dated 05.11.2019, reserved 14.06.2021, decided 24.06.2021
• Facilitating debarred entities to trade indirectly through appellants in violation of a WTM restraint order; executing reversal and self-trades that created artificial volume and a false or misleading appearance of trading.
  Appeals were heard together against the common AO order dated 5 November 2019. · The Tribunal upheld the finding that debarred entities traded indirectly through noticees 1 to 6.
  Appeal: Appeal Nos. 06, 23, 38, 39, 40, 41 and 42 of 2020, Appeal Nos. 126 and 127 of 2020, and Appeal No. 586 of 2019; decision dated 24 June 2021 against common AO order dated 5 November 2019.
• Self-trades and reversal trades in Polytex India creating artificial volume and facilitating debarred entities 7-16 to trade indirectly via 1-6 violating WTM debarment.
  AO penalties under Sections 15HA and 15HB discussed; SAT operative disposal truncated in text
  Appeal: Appeal Nos 06,23,38,39,40,41,42,126,127 of 2020 and 586 of 2019 decided together on 24.06.2021 (reserved 14.06.2021)
• Indirectly trading despite debarment in KGN Enterprises, Gemstone Investments and Polytex India during April-Nov 2012 and manipulating their price.
  Appeal No. 521 of 2021 dismissed; AO penalty of Rs 10 lakh on each appellant upheld · No order as to costs
  Appeal: Appeal No. 521 of 2021 dismissed on 07.01.2022
• Self trades and reversal trades creating artificial volume and indirect trading by debarred entities through front entities in violation of WTM debarment.
  AO penalties under Sections 15HA and 15HB sustained in reasoning; all connected appeals decided together
  Appeal: Appeal Nos. 06, 23, 38-42, 126, 127 of 2020 and 586 of 2019 decided on 24.06.2021, reserved on 14.06.2021