Avadhoot L. Shilotri

SAT-appeal

• Alleged aiding and abetting of fictitious/backdated GECS and related securities transactions to inflate Niskalp's profits and support false disclosures in Tata Finance Limited's rights-issue letter of offer.
  Appeal: Appeal Nos. 222 of 2016 and 281 of 2016 were heard together and disposed of by the SAT decision dated 30 May 2018; the excerpt does not state the final operative disposal directions.
• SAT matter SATV-0DA6BB33B5C388D15CF5ADE7
  Two-day delay in filing Review Applications Nos. 3 and 4 of 2018 condoned · Miscellaneous Applications Nos. 193 and 194 of 2018 disposed of
  Appeal: Review Applications Nos. 3 and 4 of 2018 in Appeal Nos. 222 and 281 of 2016; two-day filing delay condoned on 09 July 2018 and applications disposed of
• Backdating sale/purchase of GTL and GECS shares to record fictitious profits in Niskalp books and misstate TFL rights issue letter of offer dated 20.03.2001; brokers alleged to have aided and abetted.
  WTM order 21.06.2016: appellants restrained from accessing securities market and prohibited from buying/selling/dealing for 3 years · WTM order: A.L. Shilotri additionally restrained from holding key managerial position in listed company for 3 years
• Tata Finance Ltd found guilty of making false declarations in its letter of offer; SEBI took no action against TFL, Niskalp Investment and Trading Co. and their Boards despite the finding.
  Substitute 'for the reasons best known to SEBI' for 'for extraneous reasons' in paras 10, 14 and 25 of SAT order dated 30 May 2018 · Registry directed to carry out modification in order dated 30 May 2018 immediately