Dhiren Dharamdas Agrawal

SAT-appeal

• SAT matter SATV-03F3F5748B755C91DA9EB98A
  Appellants granted three weeks to file rejoinder · Matters listed on 11 August 2023
  Appeal: Appeal Nos. 342 to 347 of 2023; procedural order dated 23 June 2023 granting time for rejoinder and listing matters on 11 August 2023
• SAT matter SATV-07B30C969ACF7B7645B11F45
  Matters heard and order reserved
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 were heard; order reserved on 26 April 2021.
• Alleged fraudulent and unfair trade practices through connected reversal, matched and self-trades, volume manipulation, price manipulation and contribution to positive LTP in Ushdev International Ltd.
  All appeals were dismissed. · SEBI AO directions imposing penalties ranging from Rs.5 lakhs to Rs.30 lakhs on the respective appellants were upheld.
  Appeal: Appeal Nos.265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 dismissed by SAT on 8 June 2021.
• Connected noticees allegedly engaged in reversal, matched and self-trades, price and volume manipulation, and contributed to the positive Last Traded Price in Ushdev International Ltd.
  All appeals were dismissed. · SEBI AO directions imposing penalties ranging from Rs.5 lakh to Rs.30 lakh on the respective appellants were upheld.
  Appeal: Appeal Nos.265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 dismissed by SAT on 8 June 2021.
• Appeals against an impugned SEBI order alleging violation of the SEBI PFUTP Regulations through trading in the concerned scrip during the investigation period.
  Miscellaneous Application No. 72 of 2021 for additional evidence was allowed. · Appellant to deposit costs of Rs. 20,000 with the Registrar.
  Appeal: Appeal Nos. 265 and 267 to 276 of 2019 were pending before SAT; final disposal was listed for 26 April 2021. Misc. Application No. 72 of 2021 was allowed.
• SAT matter SATV-15ED6A025A92CEA0390911CB
  Order reserved after hearing the parties · Parties directed to act on the digitally signed copy of the order
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 heard; order reserved on 26 April 2021
• SAT matter SATV-14F51BA43697945DB5FFC298
  SEBI to file objection/reply to Misc. Application No. 72 of 2021 within two weeks from 22 February 2021 · Appellant to file rejoinder, if any, within two weeks thereafter
  Appeal: Multiple connected appeals, including Appeal Nos. 265 and 267-276 of 2019, remained pending; Misc. Application No. 72 of 2021 sought additional evidence and was listed for orders on 19 March 2021.
• SAT matter SATV-1D7089F53FF0571B168A6D72
  Respondent to file objection/reply to Misc. Application No. 72 of 2021 within two weeks from 22 February 2021 · Appellant to file rejoinder, if any, within two weeks thereafter
  Appeal: Appeal Nos. 265 and 267-276 of 2019 were pending; Misc. Application No. 72 of 2021 in Appeal No. 265 of 2019 was directed to be replied to and listed for orders on 19 March 2021.
• Alleged fraudulent and unfair trading through reversal, matched and self-trades, price and volume manipulation, and contribution to positive Last Traded Price in Ushdev International Ltd.
  All appeals were dismissed. · The Adjudicating Officer’s penalties ranging from Rs.5 lakh to Rs.30 lakh per appellant were upheld.
  Appeal: Appeal Nos.265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 dismissed on 8 June 2021; 17 of 18 noticees appealed.
• The appellants were alleged to have acted as a group and executed manipulative matched trades and self-trades in Shree Global Tradefin Ltd., involving fraud and unfair trade practices.
  Show cause notice dated 20 July 2017 quashed · AO penalty order dated 25 October 2018 quashed
  Appeal: Appeal Nos. 102, 122, 193, 268 and 269 of 2019 decided together and allowed on 14 November 2019.
• Failure to make a public announcement under the takeover regulations.
  Appeal No. 43 of 2022 dismissed on the ground of inordinate delay and laches. · Miscellaneous Applications Nos. 12 and 13 of 2022 dismissed.
  Appeal: Appeal No. 43 of 2022, filed in January 2022, dismissed by SAT on 04 February 2022 for inordinate delay and laches.
• SAT matter SATV-292636845E19A0A8101173CD
  Amendment to the memo of appeal was taken on record. · SEBI's reply to the amendment application was treated as an additional reply to the appeal memo.
  Appeal: Appeal Nos. 265, 267, 270-276 of 2019 were heard on 26 April 2021; order reserved. No disposal on merits stated.
• Appeals arose from an impugned order concerning alleged violations of the SEBI PFUTP Regulations in trading the scrip during the investigation period.
  Miscellaneous Application No. 72 of 2021 for additional evidence was allowed · Appellant to deposit costs of Rs. 20,000 with the Registrar
  Appeal: Appeal Nos. 267, 270, 271, 272, 273, 274, 275, 276 and 265 of 2019 were pending; final disposal was listed for 26 April 2021
• Alleged fraudulent and unfair trade practices in violation of Section 12A of the SEBI Act read with Regulations 3 and 4 of the PFUTP Regulations.
  Impugned AO order dated 16 November 2018 quashed. · Matters remitted to the AO for fresh decision after giving appellants opportunity to file replies and contest.
  Appeal: Appeal Nos. 36, 37, 38, 39 and 52 of 2022 allowed on 29 August 2022; impugned order quashed and matters remitted.
• Appeals arose from an impugned order concerning alleged violations of the SEBI PFUTP Regulations. The appellants disputed that their trading constituted an unfair trade practice.
  Miscellaneous Application No. 72 of 2021 for additional evidence was allowed. · Appellant directed to deposit costs of Rs. 20,000 with the Registrar.
  Appeal: Appeal Nos. 265, 267, and 270-276 of 2019 were pending; the order dated 19 March 2021 allowed additional evidence in Misc. Application No. 72 of 2021 and listed the appeals for final disposal on 26 April 2021.
• Connected entities indulged in reversal, matched and self-trades and price/volume manipulation contributing to positive LTP in Ushdev International Ltd.
  All appeals (Nos.265,267,270-276 of 2019) dismissed · AO penalty order imposing Rs.5 lakhs to Rs.30 lakhs upheld
  Appeal: Appeal Nos.265,267,270,271,272,273,274,275,276 of 2019 dismissed by SAT vide decision dated 08.06.2021 (reserved 26.04.2021)
• Connected appellants indulged in reversal, matched and self-trades with price and volume manipulation contributing to LTP in Ushdev International Ltd.
  All appeals dismissed · AO penalty of Rs 5 lakhs to Rs 30 lakhs upheld
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 dismissed on 08.06.2021 (reserved 26.04.2021)
• SAT matter SATV-4BF6EF54510015B207C773C4
  Amendment in memo of appeal carried out · Respondent reply to amendment to be treated as additional reply to memo of appeal
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 heard on 26.04.2021; order reserved with no final disposal in this order
• SAT matter SATV-38EC7614ECF4023F7926B14D
  Respondent to file objection/reply to Misc. Application No.72 of 2021 within two weeks · Appellant to file rejoinder, if any, within two weeks thereafter
  Appeal: Appeal Nos. 267, 270, 271, 272, 273, 274, 275, 276 and 265 of 2019 pending before SAT; Misc. Application No.72 of 2021 for additional evidence; listed for orders on 19 March 2021, no final disposal on 22 February 2021
• SAT matter SATV-54E29ECDBEC985D58209E8B0
  Amendment in memo of appeal carried out · Respondent's reply to amendment application to be treated as additional reply to memo of appeal
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 heard on 26.04.2021; order reserved
• Connected entities indulged in reversal, matched, self trades and price-volume manipulation contributing to positive LTP in Ushdev International Ltd.
  All appeals dismissed, AO penalty order confirmed with no interference on quantum
  Appeal: Appeal Nos. 265,267,270,271,272,273,274,275,276 of 2019 decided on 08.06.2021 (reserved 26.04.2021) - dismissed
• Appellants as group executed extensive match trades and self trades in Shree Global Tradefin Ltd in manipulative manner amounting to fraud and unfair trade practice
  Second show cause notice dated July 20, 2017 and impugned AO order quashed · All appeals (102,122,193,268,269 of 2019) allowed
  Appeal: Appeal Nos. 102, 122, 193, 268, 269 of 2019 allowed by SAT decision dated 14.11.2019 (reserved 05.11.2019)
• Group executed extensive matched trades and self trades in Shree Global Tradefin Ltd in manipulative manner amounting to fraud and unfair trade practice.
  Second show cause notice dated July 20, 2017 quashed · Impugned AO penalty order dated October 25, 2018 quashed
  Appeal: Appeal Nos. 102, 122, 193, 268, 269 of 2019 disposed and allowed by SAT on 14.11.2019 (reserved on 05.11.2019)
• Alleged unfair trade practice in trading of scrip in question during investigation period in violation of SEBI (PFUTP) Regulations.
  Misc. Application No. 72 of 2021 in Appeal No. 265 of 2019 allowed on payment of costs · Appellant to deposit costs of Rs. 20,000 before Registrar of Tribunal
  Appeal: Appeals Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 pending; Misc. Application No. 72 of 2021 allowed vide order dated 19.03.2021, listed for final disposal on 26.04.2021
• Alleged violation of Section 12A(a),(b),(c) read with Regulations 3 and 4 of PFUTP Regulations, 2003 for fraudulent and unfair trade practices.
  Impugned AO ex-parte order quashed and Appeals No. 36,37,38,39,52 of 2022 allowed · Matters remitted to AO to decide afresh after giving opportunity to file replies and contest
  Appeal: Appeal Nos. 36,37,38,39,52 of 2022 allowed on 29.08.2022; prior Appeal No.123 of 2019 allowed on 07.11.2019 with remand for fresh SCN
• Connected entities indulged in reversal, matched and self-trades and price/volume manipulation contributing to positive LTP in Ushdev International Ltd.
  All appeals dismissed · AO penalty of Rs.5 lakhs to Rs.30 lakhs per appellant confirmed as proportionate to repetitive violations
  Appeal: Appeal Nos.265,267,270,271,272,273,274,275,276 of 2019 dismissed by SAT decision dated 08.06.2021 (reserved 26.04.2021)
• SAT matter SATV-8FF4C2B93E134B868F109254
  Appeal No. 40 of 2022 and Misc. Application No. 10 of 2022 dismissed on ground of laches / inordinate delay · No order as to costs
  Appeal: Appeal No. 40 of 2022 with Misc. Application No. 10 of 2022 filed Jan 2022 against WTM order dated 31.07.2019 dismissed on 04.02.2022 for delay
• SAT matter SATV-86D5970998B3790C12D79552
  Respondent SEBI to file objection/reply to Misc. Application No.72 of 2021 · Appellant may file rejoinder, if any, after respondent reply
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 pending; Misc. Application No.72 of 2021 pending; listed for orders on 19 March 2021
• SAT matter SATV-976645EEA59CB36A67CCEFE3
  Amendment in memo of appeal carried out · Respondent reply to amendment treated as additional reply to memo of appeal
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 heard on 26.04.2021; order reserved, not disposed
• Alleged violation of Section 12A of the SEBI Act read with Regulations 3 and 4 of the PFUTP Regulations.
  Impugned AO order was quashed and set aside. · Matters remitted to the AO for fresh decision after giving appellants opportunity to reply and contest.
  Appeal: Appeal Nos. 36, 37, 38, 39 and 52 of 2022 allowed on 29 August 2022; impugned order quashed and matters remitted.
• Alleged unfair trade practice in trading of scrip in question in violation of SEBI (PFUTP) Regulations
  Misc. Application No. 72 of 2021 in Appeal No. 265 of 2019 allowed; additional research reports permitted · Appellant to pay costs of Rs. 20,000 to Registrar and amend memo of appeal
  Appeal: Appeal Nos. 265,267,270-276 of 2019 pending; Misc. Application allowed, listed for final disposal on 26 April 2021
• SAT matter SATV-B3A3C1A057DC3F237486B2CF
  Amendment in memo of appeal carried out · SEBI reply to amendment to be treated as additional reply to memo of appeal
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 heard on 26.04.2021; order reserved
• Alleged violation of the SEBI PFUTP Regulations through trading in the concerned scrip during the investigation period, asserted by SEBI to constitute an unfair trade practice.
  Miscellaneous Application No. 72 of 2021 for additional evidence allowed · Appellant to deposit costs of Rs. 20,000 with the Registrar within two weeks from 19 March 2021
  Appeal: Appeal Nos. 265, 267, and 270-276 of 2019 were pending before SAT; Miscellaneous Application No. 72 of 2021 was allowed. Final disposal was listed for 26 April 2021.
• SAT matter SATV-D679732AD564EC5605C56BAE
  Amendment carried out in memo of appeal · Respondent's reply to amendment application to be treated as additional reply to memo of appeal
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 heard on 26.04.2021; order reserved, no final disposal
• SAT matter SATV-E9358AA8FC9796A098C8C168
  Respondent SEBI to file objection/reply to Misc. Application No.72 of 2021 within two weeks · Appellant to file rejoinder, if any, within two weeks thereafter
  Appeal: Appeal Nos. 267, 270, 271, 272, 273, 274, 275, 276 and 265 of 2019 pending before SAT; Misc. Application No.72 of 2021 in Appeal No.265 of 2019 for additional evidence; listed for orders on 19 March 2021
• Alleged fraudulent and unfair trade practices violating Section 12A SEBI Act read with Regulations 3-4 PFUTP Regulations; specific scrip/trades not detailed in SAT order
  Impugned AO ex-parte order quashed · Appeal Nos. 36, 37, 38, 39 and 52 of 2022 allowed
• Alleged violation of the SEBI (PFUTP) Regulations through trading in the relevant scrip during the investigation period, allegedly amounting to unfair trade practice.
  Miscellaneous Application No. 72 of 2021 for additional evidence allowed · Appellant directed to deposit Rs. 20,000 as costs before the Registrar within two weeks from 19 March 2021
  Appeal: Appeal Nos. 267, 270, 271, 272, 273, 274, 275, 276 and 265 of 2019 were pending before SAT; Misc. Application No. 72 of 2021 in Appeal No. 265 of 2019 was allowed. Final disposal listed for 26 April 2021.
• SAT matter SATV-F019E56FFF628D04C1F9E000
  Respondent SEBI to file objection/reply to Misc. Application No.72 of 2021 within two weeks · Appellant to file rejoinder, if any, within two weeks thereafter
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 pending before SAT; Misc. Application No.72 of 2021 pending; listed for orders on 19 March 2021 per order dated 22 February 2021, not disposed
• SAT matter SATV-65C266C9C039572C9D246E99
  Amendment to the memo of appeal was carried out. · SEBI’s reply to the amendment application was treated as an additional reply to the memo of appeal.
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 were heard; order reserved on 26 April 2021.
• Creating artificial volumes and misleading appearance in Oregon Commercial Ltd scrip through matched, reversal and self trades among connected entities.
  Group appeals allowed; common AO order dated November 16, 2018 set aside on ground of inordinate 7-year delay in SCN
  Appeal: Appeal Nos. 169,171,172,231,264,266,277,278,279,280,281 of 2019 reserved 23.01.2020 decided 31.01.2020 - allowed due to delay
• SAT matter SATV-5175DBBB3A68FDEC59DC4E3B
  Respondent SEBI to file objection/reply to Misc. Application No.72 of 2021 · Appellant permitted to file rejoinder thereafter
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 pending before SAT; Misc. Application No.72 of 2021 in Appeal No.265 of 2019 for additional evidence; next listing for orders on 19 March 2021
• Group executed matched trades and self trades in Shree Global Tradefin Ltd in manipulative manner amounting to fraud and unfair trade practice.
  Show cause notice dated July 20, 2017 and impugned AO order quashed · All appeals (Nos. 102, 122, 193, 268, 269 of 2019) allowed
  Appeal: Appeal Nos. 102, 122, 193, 268, 269 of 2019 allowed by SAT on 14.11.2019 (reserved on 05.11.2019)
• Penalty imposed on appellants in PAC capacity; underlying violation detailed in linked Appeal No. 483 of 2018, not specified here
  Appeal No. 412 of 2018 partly allowed · Rs. 2 lacs each penalty on PAC modified to Rs. 2 lacs jointly and severally
  Appeal: Appeal No. 412 of 2018 partly allowed vide SAT order dated 28.06.2019
• SAT matter SATV-72B4701E7EF815A9A00CD6B1
  Respondent to file objection/reply to Misc. Application No.72 of 2021 within two weeks · Appellant may file rejoinder, if any, within two weeks thereafter
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 pending before SAT; Misc. Application No.72 of 2021 pending; next listing 19 March 2021
• SAT matter SATV-6D2BC8D707C63E77EC6FA9AC
  Respondent SEBI to file objection/reply to Misc. Application No.72 of 2021 within two weeks · Appellants may file rejoinder, if any, within two weeks thereafter
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 pending; Misc. Application No.72 of 2021 in Appeal 265/2019 pending, listed for orders on 19 March 2021; no final disposal on 22 Feb 2021
• Connected entities indulged in reversal, matched and self-trades with price and volume manipulation contributing to positive LTP in Ushdev International Ltd.
  All nine appeals dismissed · AO penalty order for PFUTP violations confirmed with no interference on quantum
  Appeal: Appeal Nos.265,267,270,271,272,273,274,275,276 of 2019 decided on 08.06.2021 (reserved 26.04.2021); all dismissed
• Alleged violation of SEBI (PFUTP) Regulations for unfair trade practice in trading scrip during investigation period.
  Misc. Application No. 72 of 2021 in Appeal No. 265 of 2019 allowed · Appellant to deposit costs of Rs. 20,000 before Registrar within two weeks from 19.03.2021
  Appeal: Appeal Nos. 267, 270, 271, 272, 273, 274, 275, 276 and 265 of 2019 pending before SAT; Misc. Application No. 72 of 2021 allowed vide order dated 19.03.2021; appeals listed for final disposal on 26.04.2021
• Alleged unfair trade practice in trading of scrip during investigation period in violation of SEBI (PFUTP) Regulations.
  Misc Application 72 of 2021 allowed; research reports permitted on record · Costs Rs 20,000 to be deposited before Registrar of Tribunal
  Appeal: Misc Application 72 of 2021 in Appeal 265 of 2019 allowed on 19.03.2021; Appeal Nos 265,267,270-276 of 2019 pending, listed for final disposal 26.04.2021
• Created artificial volumes and misleading appearance in Oregon Commercial Ltd scrip by trading among themselves through matched, reversal and self trades.
  Group appeals challenge AO common order dated November 16, 2018; Tribunal examines 7-year delay in SCN (operative part truncated in excerpt)
  Appeal: Appeal Nos. 169,171,172,231,264,266,277,278,279,280,281 of 2019, Order Reserved 23.01.2020, Date of Decision 31.01.2020
• Connected noticees indulged in reversal, matched and self-trades and price/volume manipulation contributing to positive LTP in Ushdev International Ltd.
  All appeals dismissed · AO penalty of Rs.5 lakhs to Rs.30 lakhs confirmed with no interference on quantum
  Appeal: Appeal Nos.265,267,270,271,272,273,274,275,276 of 2019 dismissed by SAT decision dated 08.06.2021 (reserved 26.04.2021)
• Alleged violation of Section 12A SEBI Act read with Regulations 3 and 4 PFUTP Regulations for fraudulent and unfair trade practices.
  Impugned AO ex-parte order quashed, appeals allowed · Matters remitted to AO to decide afresh after allowing replies and contest
  Appeal: Appeal Nos. 36, 37, 38, 39, 52 of 2022 allowed on 29.08.2022; impugned AO order quashed and remanded
• Alleged creation of artificial volumes and misleading appearance in Oregon Commercial Ltd scrip via matched, reversal and self trades.
  Common AO order dated November 16, 2018 set aside and penalties quashed on ground of inordinate delay
  Appeal: Appeal Nos. 169, 171, 172, 231, 264, 266, 277, 278, 279, 280, 281 of 2019 reserved on 23.01.2020, decided on 31.01.2020
• Creating artificial volumes and misleading appearance in Oregon Commercial Ltd scrip through matched, reversal and self trades in violation of PFUTP norms.
  Appeal: Appeal Nos. 169, 171, 172, 231, 264, 266, 277, 278, 279, 280, 281 of 2019 against AO order; reserved 23.01.2020, decided 31.01.2020
• SAT matter SATV-ED35EE03DE6CB7060875D504
  Order reserved after hearing parties · Parties to act on digitally signed copy sent by fax and/or email
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 heard on 26.04.2021 - order reserved