Debasis Padhy

SAT-appeal

• GIIPL allegedly circumvented public-issue requirements by issuing SOCDs to two group companies, which then allotted them to 751 persons, attracting the public issue provisions of the Companies Act and ICDR Regulations.
  Appeal No. 6 of 2017 filed by Debasis Padhy dismissed · Appeal No. 17 of 2017 filed by Panchanan Pradhan dismissed
  Appeal: Appeal Nos. 6 of 2017 and 17 of 2017 dismissed by SAT on 19 March 2020
• SAT matter SATV-7D5BB7542E5ECEAEEF66D499
  Appeal No. 17 of 2017 dismissed for want of prosecution due to appellant non-appearance
  Appeal: Appeal No. 17 of 2017 dismissed for want of prosecution vide SAT order dated 20.06.2017
• Deemed public issue of Secured Optionally Convertible Debentures to 751 persons via two group companies, circumventing Section 67(3) Companies Act and ICDR without prospectus/listing.
  SAT dismissed Appeal Nos. 6 of 2017 and 17 of 2017 with no order as to costs · Upheld WTM direction for GIIPL and directors to make full repayment of SOCD money with 15% p.a. interest
  Appeal: Appeal Nos. 6 of 2017 and 17 of 2017 dismissed by SAT on 19.03.2020 (reserved 29.11.2019)