Dharmendra Bhojak

5 matters before the Securities Appellate Tribunal

Penalties and directions recorded

WTM order 23 Oct 2019 restrained Arvind Goyal 4 years and from association as Director
WTM directed Arvind Goyal to disgorge Rs 7,08,51,405 with 12% interest
WTM debarred Abhay Javlekar and Pooja Goyal for 3 years
AO orders imposed penalties for SAST violations under challenge
WTM barred Arvind Goyal from securities market for 4 years and as director of listed company

SAT-appeal

Alleged synchronized, self and reversal trades creating artificial volume and false appearance of trading, and failure by persons acting in concert to make an open offer after crossing SAST thresholds.
SAT heard five connected appeals together; operative final disposition is not included in the supplied text.
Appeal: Connected Appeal Nos. 74 of 2021, 96 of 2020, 19 of 2021, 20 of 2021 and 308 of 2021; order dated 30 October 2023. Disposal outcome is not present in the supplied extract.
Alleged synchronized, self and reversal trades creating artificial volume in Incap Financial Services Ltd around SMS on 11 Jan 2011 and acting in concert triggering open offer.
WTM order 23 Oct 2019 restrained Arvind Goyal 4 years and from association as Director · WTM directed Arvind Goyal to disgorge Rs 7,08,51,405 with 12% interest
Appeal: Appeal Nos. 74/2021, 96/2020, 19/2021, 20/2021, 308/2021 reserved on 24.04.2023 decided on 30.10.2023, joint hearing
Alleged synchronized, self and reversal trades creating artificial volume in Incap Financial Services Ltd around 11 Jan 2011 SMS and PAC acquisition triggering SAST open-offer obligations.
WTM barred Arvind Goyal from securities market for 4 years and as director of listed company · WTM directed Arvind Goyal to disgorge Rs 7,08,51,405 with 12% interest from 01 Dec 2020
Appeal: Appeals No.74/2021, 96/2020, 19/2021, 20/2021, 308/2021 against WTM orders dated 23 Oct 2019 and AO orders dated 30 Apr 2020 and 20 Apr 2020; reserved 24.04.2023, decided 30.10.2023
Alleged pre-SMS accumulation in Incap Financial Services Ltd and synchronized/self/reversal trades creating artificial volume; acting in concert triggering open-offer obligations.
WTM restrained Arvind Goyal from securities market for 4 years and from associating as director · WTM directed Arvind to disgorge Rs 7,08,51,405 with 12% interest
Appeal: Five appeals Nos 74/2021, 96/2020, 19/2021, 20/2021, 308/2021 heard together; reserved 24.04.2023, decision 30.10.2023
Alleged synchronized, self and reversal trades creating false volume in Incap Financial Services Ltd around misleading SMS on 11 Jan 2011 and failure to make open offer as persons acting in concert.
Arvind Babulal Goyal restrained 4 years from securities market and from associating as Director of listed company · Arvind Goyal to disgorge Rs.7,08,51,405 with 12% interest
Appeal: Five SAT appeals Nos.74/2021, 96/2020, 19/2021, 20/2021, 308/2021 taken together; Reserved 24.04.2023, Decided 30.10.2023

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Source: SecMarx — Dharmendra Bhojak. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (charges, outcomes, appeal chain) is cited to us.