Dinesh Bhanusali

SAT-appeal

• Fraudulent GDR scheme: pledging GDR proceeds with EURAM Bank to finance sole subscriber Vintage FZE, non-disclosure of pledge/loan agreements and misleading disclosure that issue fully subscribed.
  Findings of fraud under Sec 12A and PFUTP Regs 3,4 and Listing Agreement non-disclosure upheld · Penalties held excessive/disproportionate and liable to reduction on proportionality and parity with similar GDR cases
• Fraudulent GDR scheme using pledged proceeds to fund sole subscriber Vintage FZE; pledge/loan agreements not disclosed and false full-subscription announcement misled investors.
  Findings of fraud under Sec 12A/PFUTP and Listing Agreement non-disclosure upheld · Penalty quantum held excessive/disproportionate and liable to reduction on proportionality and parity
  Appeal: Appeal No.398/2021 and Appeal No.28/2023 decided together on 01.09.2023; only quantum contested