Dhiraj Kumar Jaiswal

22 matters before the Securities Appellate Tribunal

Penalties and directions recorded

AO-imposed penalties left undisturbed.
No interference with AO penalty; discretion held just and fair
WTM order dated 3 April 2019 confirmed - appellants prohibited from accessing capital market directly or indirectly for five years
AO penalty upheld, no interference with discretion, no reduction

SAT-appeal

Concealment and submission of false information concerning GDR subscription and financing arrangements; fraudulent and unfair trade practices involving self-financing of GDR subscriptions and non-disclosure of pledge agreements.
Appeal dismissed · Five-year prohibition on appellants accessing the capital market, directly or indirectly, upheld
Appeal: Appeal No. 439 of 2021 decided and dismissed on 6 October 2021
Fraudulent arrangement involving GDR issuances, self-subscription through pledge and loan arrangements, diversion or misuse of proceeds, misleading corporate announcements, and non-disclosure of material agreements, allegedly defrauding Indian investors.
Delay of 19 days in filing the appeals condoned. · Miscellaneous applications allowed.
Appeal: Appeal Nos. 640, 641, 642 and 643 of 2021 dismissed on 18 October 2021; Appeal No. 439 of 2021 concerning the WTM order was dismissed on 6 October 2021.
SAT matter SATV-121751E688D143D06F47D74A
Review Application No. 25 of 2025 was directed to be listed on 4 September 2025
Appeal: Review Application No. 25 of 2025 in Appeal No. 641 of 2021; adjourned/listed for 4 September 2025 by order dated 20 August 2025
SAT matter SATV-1313E43FF0DE94DAA7788116
Adjourned the matter for hearing on 29 April 2026
Appeal: Review Application No. 25 of 2025 in Appeal No. 641 of 2021, with Misc. Application No. 933 of 2025; hearing adjourned to 29 April 2026
Fraudulent GDR issuance scheme where company via pledge and loan agreements funded its own subscription through Vintage FZE/Arun Panchariya, diverted proceeds and made misleading announcements to defraud Indian investors.
Delay of 19 days in filing Appeals condoned · Appeal Nos. 640-644 of 2021 dismissed at admission stage on merits
Appeal: Appeal Nos. 640-644 of 2021 dismissed on 18.10.2021; prior Appeal No. 439 of 2021 against WTM order dismissed on 06.10.2021
SAT matter SATV-594D8D3E7F8F28084D14B908
Adjourned at applicant's request; listed on 12.11.2025
Appeal: Review Application No. 25 of 2025 in Appeal No. 641 of 2021 with Misc. Application No. 933 of 2025 pending, adjourned to 12.11.2025
SAT matter SATV-3E2759B135D774B971B2049E
Applicant's request for time granted · Matter listed for hearing on 09 June 2026
Appeal: Review Application No. 25 of 2025 in Appeal No. 641 of 2021; listed for hearing on 09 June 2026
Company financed its own GDR issues via loan and pledge agreements, concealed pledge from Stock Exchange and gave false information to SEBI, in violation of PFUTP Regulations and Listing Agreement.
Appeal No. 439 of 2021 dismissed with no order as to costs · WTM order dated 3 April 2019 confirmed - appellants prohibited from accessing capital market directly or indirectly for five years
Appeal: Appeal No. 439 of 2021 filed against WTM order dated 3 April 2019 dismissed on 06.10.2021; no further appeal mentioned
SAT matter SATV-6253539282258C26D9EBDF50
Adjourned by consent; matter to be called on 15.09.2025
Appeal: Review Application No. 24 of 2025 with Misc. Application No. 932 of 2025 in Appeal No. 642 of 2021 pending; adjourned to 15.09.2025
SAT matter SATV-7955259BE10375AD91D91533
Order reserved with liberty to respondents to file two-page written submission after serving copy on other side
Appeal: Review Application No. 25 of 2025 in Appeal No. 641 of 2021 along with Misc. Application No. 933 of 2025 - heard, order reserved on 29.06.2026
Admitted GDR-issue violations leading to AO penalties; challenge confined to quantum as excessive, arbitrary, discriminatory and disproportionate vs similar GDR cases.
Appeal: Appeal Nos.640-644 of 2021 dismissed by SAT on 18.10.2021; Civil Appeal Nos.865-866, 896, 815, 800 of 2022 dismissed as withdrawn by Supreme Court on 25.11.2024; Review Application Nos.22-26 of 2025 filed thereafter
SAT matter SATV-7DE24FF3F6255002F9043972
Adjournment granted; matter to be called on October 7, 2025
Appeal: Review Application No. 25 of 2025 in Appeal No. 641 of 2021 with Misc. Application No. 933 of 2025 pending, adjourned to October 7, 2025
SAT matter SATV-89EF905F30E2D744BCE472E4
Matter adjourned by consent to 15.09.2025 on applicant's request for time
Appeal: Review Application No. 25 of 2025 with Misc. Application No. 933 of 2025 in Appeal No. 641 of 2021 pending; adjourned to 15.09.2025
Fraudulent GDR issuance scheme by CAT Technologies with directors/promoters in connivance with Arun Panchariya entities to defraud Indian investors.
Delay of 19 days in filing appeals condoned · Appeals No.640-644 of 2021 dismissed at admission stage on merits
Appeal: Appeal Nos.640-644 of 2021 dismissed on 18.10.2021; prior Appeal No.439 of 2021 dismissed on 06.10.2021
SAT matter SATV-BC38C298B0A417FFD778818E
By consent, call / listed on November 6, 2025
Appeal: Review Application No. 25 of 2025 in Appeal No. 641 of 2021 with Misc. Application No. 933 of 2025 pending, adjourned by consent to November 6, 2025
SAT matter SATV-CA534D47EC12839E16524960
Adjourned to February 16, 2026 on applicant's request for time
Appeal: Review Application No. 25 of 2025 in Appeal No. 641 of 2021 with Misc. Application No. 933 of 2025 pending, adjourned to 16.02.2026 vide order dated 05.02.2026
SAT matter SATV-CBF52B0E39376FF240B8E056
Leave granted to file written submissions in lieu of oral arguments · Matter to be called on June 29, 2026 by consent
Appeal: Review Application No. 25 of 2025 in Appeal No. 641 of 2021 with Misc. Application No. 933 of 2025 pending before SAT; adjourned to June 29, 2026
Fraudulent GDR issuance scheme where company via pledge and loan agreements funded its own subscription through Vintage FZE to defraud Indian investors.
Delay of 19 days in filing appeals condoned · Appeal Nos. 640-644 of 2021 dismissed at admission stage on merits
Appeal: Appeal Nos. 640-644 of 2021 with Misc. Applications 833-837 of 2021 dismissed on 18.10.2021
SAT matter SATV-5B3B2D057B93396A9523E4C3
Call on November 20, 2025
Appeal: Review Application No. 25 of 2025 in Appeal No. 641 of 2021 along with Misc. Application No. 933 of 2025 pending; posted to November 20, 2025
SAT matter SATV-6F0FFDD383267D212D75279B
Matter adjourned by consent and to be called on April 17, 2026
Appeal: Review Application No. 25 of 2025 and Misc. Application No. 933 of 2025 in Appeal No. 641 of 2021 pending, adjourned to April 17, 2026
Fraudulent GDR issuance scheme in connivance with Arun Panchariya entities to defraud Indian investors; company funded its own subscription via pledge and loan agreements.
Delay of 19 days condoned, Misc. Applications 833-837 of 2021 allowed · Appeals No.640-644 of 2021 dismissed at admission stage for lack of merit
Appeal: Appeal Nos.640-644 of 2021 against AO order dated 28 April 2021 dismissed on 18.10.2021
SAT matter SATV-CD1A8F8CE075DCA9C9E06435
Matter called / listed on February 5, 2026 for filing citations
Appeal: Misc. Application No. 25 of 2025 in Appeal No. 641 of 2021 with Misc. Application No. 933 of 2025 pending; Supreme Court appeal withdrawn, Review Application filed

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Source: SecMarx — Dhiraj Kumar Jaiswal. 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.