Atul Ranchal

SAT-appeal

• SAT matter SATV-09B764D466C6D38025EEB268
  Miscellaneous Applications Nos. 47 and 48 of 2016 allowed and delays of 109 days condoned · Appeal Nos. 38, 39, 69 and 70 of 2016 disposed of as infructuous
  Appeal: Appeal Nos. 38, 39, 69 and 70 of 2016 disposed of as infructuous on 1 March 2017; Appeals Nos. 246, 322, 323 and 324 of 2015 remained pending for final arguments
• Alleged round-tripping/siphoning of Rs 8 cr IPO proceeds via ICD repayments, Rs 2.5 cr diversion via Overall for trading, and non-disclosure/false statements in RHP/Prospectus on Suryamukhi/Neo Power advances and ICDs.
  AO imposed individual penalties aggregating Rs 11.80 crore under Section 15HA/15HB - under challenge; SAT operative directions not in excerpt
  Appeal: Appeal Nos. 246, 322, 323, 324 of 2015 against AO order 12.01.2015; SAT reserved 06.03.2018, decided 21.03.2018; separate appeal against WTM order 10.09.2015 became infructuous after 5-year debar suffered
• Securities market violation leading to 5-year debarment from accessing market; specific charge details not stated in this order.
  Delay of 109 days in Appeal Nos. 69 and 70 of 2016 condoned; Misc. Applications 47-48 of 2016 disposed · Appeal Nos. 38, 39, 69 and 70 of 2016 disposed as infructuous with no order as to costs
  Appeal: Appeal Nos. 38,39,69,70 of 2016 disposed as infructuous on 1.3.2017; Appeal Nos. 246,322,323,324 of 2015 pending for final arguments
• Alleged round-tripping and siphoning of Rs 8 cr IPO proceeds via ICD repayments and Rs 2.5 cr diversion for trading, plus non-disclosure and false statements in DRHP/RHP on ICDs and Suryamukhi/Neo Power contracts and advances.
  Operative SAT findings not in excerpt; impugned AO order dated 12.01.2015 imposed aggregate penalty Rs 11.80 cr
  Appeal: Appeal Nos. 246, 322, 323, 324 of 2015 against AO order 12.01.2015; reserved 06.03.2018, decided 21.03.2018; appeal against WTM order 10.09.2015 became infructuous
• SAT matter SATV-6F2E5C052BFB550613D63B97
  Miscellaneous Applications Nos. 47 and 48 of 2016 allowed; 109-day delay in filing Appeals 69 and 70 condoned · Appeals 38, 39, 69 and 70 of 2016 disposed of as infructuous without entering into merits
  Appeal: Appeals 38, 39, 69 and 70 of 2016 disposed of as infructuous on 1 March 2017; Appeals 246, 322, 323 and 324 of 2015 remained pending for final arguments
• Alleged siphoning of Rs 8 cr from IPO proceeds via round-tripping through ICD repayments and misutilisation of Rs 2.5 cr via Overall for trading, plus non-disclosure and false statements in RHP/Prospectus on ICDs, Suryamukhi and Neo Power contracts and costs.
  AO impugned order dated 12.01.2015 imposed individual penalties aggregating to Rs 11.80 crore under Section 15HA/15HB for PFUTP and ICDR violations (under challenge in SAT appeals)
  Appeal: SAT Appeals No. 246, 322, 323 and 324 of 2015 against AO common order dated 12.01.2015; reserved 06.03.2018, date of decision 21.03.2018; separate appeal against WTM order dated 10.09.2015 became infructuous after undergoing 5-year debarment
• SAT matter SATV-6E844E3ECCEF7C1FEB8E4E48
  Delay of 109 days condoned; Misc. Applications No.47 and 48 of 2016 disposed of · Appeal Nos.38,39,69 and 70 of 2016 disposed as infructuous with no order as to costs
  Appeal: Appeal Nos.38,39,69,70 of 2016 disposed as infructuous on 1.3.2017; Appeal Nos.246,322,323,324 of 2015 pending for final arguments
• Alleged siphoning of IPO proceeds via Rs 8 cr round-tripping through Suryamukhi-linked ICD repayments and Rs 2.5 cr diversion via Overall for trading, plus non-disclosure of ICDs and advances and false statements in RHP/Prospectus.
  Appeal: Appeals No. 246, 322, 323, 324 of 2015 reserved 06.03.2018 for decision 21.03.2018; separate appeal against WTM order 10.09.2015 became infructuous after 5-year debarment suffered
• SAT matter SATV-E15D5F17A5D2C53B3B4A9B2B
  Condoned 109-day delay in Appeal Nos.69 and 70 of 2016; disposed Misc. Applications 47-48 of 2016 · Disposed Appeal Nos.38, 39, 69 and 70 of 2016 as infructuous with no order as to costs
  Appeal: Appeal Nos.38, 39, 69, 70 of 2016 disposed as infructuous on 1.3.2017; Appeal Nos.246, 322, 323, 324 of 2015 pending for final arguments