CGF Mercantile P. Ltd. (Formerly Benko Trading Private Limited)

SAT-appeal

• Alleged fraudulent and unfair trading in Shakti Pumps shares through synchronised trades, reversal trades and self trades, creating artificial volume and contributing to a fraudulent price rise.
  Common AO order dated 10 September 2018 imposing penalties was set aside. · Matters remitted to the AO for fresh orders after hearing the appellants.
  Appeal: Appeal Nos. 76 of 2019, 103 of 2019 and 161 of 2019 allowed on 5 May 2021; matters remitted to the AO.
• Alleged fraudulent dealing in Shakti Pumps (India) Ltd scrip by connected entities creating artificial volume via synchronised, reversal and self trades, trading above LTP and manipulating first trade to establish new high price.
  Impugned AO order set aside and appeals allowed · Matter remitted to AO to pass fresh order in light of observations after giving hearing to appellants
  Appeal: Appeal Nos. 76, 103 and 161 of 2019 allowed on 05.05.2021; AO common order dated 10.09.2018 set aside and remanded
• Creating artificial volume in Shakti Pumps (India) Ltd via synchronised, reversal and self trades, trading above LTP and manipulating first trade to establish new high price.
  Impugned AO order dated 10 September 2018 set aside · Appeal Nos. 76, 103 and 161 of 2019 allowed
  Appeal: Appeal Nos. 76 of 2019, 103 of 2019 and 161 of 2019 allowed on 5 May 2021; AO order set aside and remanded for fresh decision