Durga Kuchana

SAT-appeal

• Fraudulent and manipulative conduct involving materially false or incomplete IPO disclosures, manipulation of books, siphoning and diversion of IPO proceeds, undisclosed ICDs and related-party transactions, and fictitious US entities.
  Appeals challenged SEBI WTM order dated 15 November 2017 imposing a further three-year securities-market restraint on TSL, Pavan Kuchana, Durga Kuchana and Ravi Kusum. · Interim restraint against Ramaswamy Kuchana had been revoked by SEBI; V K Prasad Rao was warned.
  Appeal: Appeal Nos. 70 of 2019, 186 of 2018, 187 of 2018 and 188 of 2018 were heard together; company TSL's portion of Appeal No. 70 of 2019 was dismissed as withdrawn on 16 January 2020. The common SAT order was decided on 26 October 2020.
• Manipulation and siphoning of Taksheel Solutions Ltd.'s IPO proceeds, misleading IPO disclosures, nondisclosure of related-party/ICD transactions, and use of foreign front entities to divert funds.
  Appeals disposed of together; violations upheld. · Penalty on Durga Kuchana reduced from Rs. 1 crore to Rs. 50 lakh.
  Appeal: Appeal Nos. 374, 375, 376 and 377 of 2022 decided by SAT on 15 July 2022; delay condoned in Misc. Applications Nos. 468-471 of 2022.
• SAT matter SATV-2C51062D8FDDA126FA54D3EE
  Orders passed against the appellants were quashed. · Matters restored to the file of the adjudicating officer for fresh decision on merits and in accordance with law.
  Appeal: Appeal Nos. 321, 342, 343, 344 and 345 of 2014 disposed of on 27 April 2016; impugned orders quashed and remanded for fresh decision.
• Alleged fraudulent manipulation of TSL’s IPO and books, false or incomplete offer-document disclosures, undisclosed related-party and ICD transactions, and siphoning/diversion of IPO proceeds through connected entities.
  Appeals challenging SEBI WTM order dated 15 November 2017 were decided by common order. · Three-year restraint from accessing or dealing in the securities market against Pavan Kuchana, Durga Kuchana and Ravi Kusum was upheld.
  Appeal: Appeal Nos. 70 of 2019, 186 of 2018, 187 of 2018 and 188 of 2018; decided by SAT on 26 October 2020. TSL’s portion of Appeal No. 70 of 2019 was dismissed as withdrawn on 16 January 2020.
• Fraudulent and manipulative conduct in Taksheel Solutions Ltd.’s IPO, including misleading disclosures, manipulation of books, non-disclosure of related-party transactions and ICDs, and siphoning/diversion of IPO proceeds.
  Appeals upheld the violations found by the AO. · Penalty on Durga Kuchana reduced from Rs. 1 crore to Rs. 50 lakh.
  Appeal: Appeals Nos. 374, 375, 376 and 377 of 2022 decided by SAT on July 15, 2022; delay condoned. Earlier companion appeals, including Appeal No. 70 of 2019, were dismissed on October 26, 2020.
• Alleged fraudulent and manipulative conduct involving false IPO disclosures, undisclosed related-party and inter-corporate deposit transactions, manipulated books, and siphoning/diversion of IPO proceeds through connected entities.
  Appeals challenging SEBI WTM order dated 15 November 2017 were heard and decided by common order. · Restraint from accessing or dealing in the securities market for a further period of three years was imposed on TSL, Pavan Kuchana, Durga Kuchana and Ravi Kusum under the impugned order.
  Appeal: Appeal Nos. 70 of 2019, 186 of 2018, 187 of 2018 and 188 of 2018 disposed by common SAT order dated 26 October 2020; TSL's part of Appeal No. 70 of 2019 had earlier been dismissed as withdrawn on 16 January 2020.
• SAT matter SATV-4B916E450851D7B05C852096
  Impugned AO orders quashed and restored to adjudicating officer for fresh decision on merits per law · All contentions of both parties kept open
• Fraudulent and manipulative conduct in Taksheel Solutions Ltd.’s IPO, including misleading disclosures, manipulation of books, non-disclosure of related-party and ICD transactions, and siphoning/diversion of IPO proceeds.
  Appeals allowed in part and penalties modified. · Penalty on Durga Kuchana reduced from Rs. 1 crore to Rs. 50 lakh.
  Appeal: Appeal Nos. 374, 375, 376 and 377 of 2022; common AO order dated 10 August 2021; appeals partly allowed on 15 July 2022. Earlier companion appeals were dismissed on 26 October 2020.
• Fraudulent Taksheel Solutions IPO with false disclosures, manipulation of books and siphoning of virtually entire IPO proceeds via ICDs and fictitious US vendor/client entities.
  Delay in Appeal Nos. 374-377 of 2022 condoned, appeals decided together · WTM findings affirmed, violations by appellants upheld per 26.10.2020 SAT judgment
  Appeal: Appeal Nos. 374-377 of 2022 decided 15.07.2022 (reserved 13.07.2022); prior Appeal No.70 of 2019 and companions against WTM order dismissed 26.10.2020
• SAT matter SATV-91244D898E079A4E217656A0
  Heard counsel for parties; order reserved, put up for delivery of judgment on Friday · Parties to act on digitally signed copy signed by Private Secretary on behalf of bench
  Appeal: Appeal Nos. 374, 375, 376, 377 of 2022 with Misc. Applications Nos. 468-471 of 2022 heard on 13.7.2022; order reserved for delivery on Friday
• SAT matter SATV-C4FA7A6727B17159261CDD98
  Orders passed against appellants quashed and restored to adjudicating officer for fresh decision on merits and in accordance with law · All contentions of both parties kept open
  Appeal: Appeal Nos. 321, 342, 343, 344 and 345 of 2014 disposed of on 27.04.2016 in same terms as order dated 15.04.2016 in Appeal No. 419 of 2014 and Appeal No. 341 of 2014
• SAT matter SATV-FE376CE2C48D388F3CA4EC96
  Delay condoned in Misc. Applications 151, 159 and 160 of 2014 · Orders passed against appellants quashed and restored to adjudicating officer for fresh decision on merits and in accordance with law
  Appeal: Appeal Nos. 321, 342, 343, 344 and 345 of 2014 disposed on 27.04.2016; Misc. Applications 151, 159, 160 of 2014 disposed with delay condoned
• Misstatements in TSL IPO offer documents, manipulation of books and siphoning/diversion of IPO proceeds via ICDs and fictitious US vendor/client entities.
  TSL, Pavan Kuchana, Durga Kuchana and Ravi Kusum restrained from accessing/dealing in securities market for further 3 years · Restraint on Ramaswamy Kuchana vide interim order revoked
  Appeal: Appeal Nos. 70 of 2019, 186,187,188 of 2018 against WTM order dated 15.11.2017; Reserved 28.02.2020, Decision 26.10.2020; TSL appeal dismissed as withdrawn 16.01.2020
• SAT matter SATV-B3F9A919F6A337225A6EA87A
  Impugned orders against appellants quashed and restored to adjudicating officer for fresh decision on merits · All contentions of both parties kept open
  Appeal: Appeal Nos. 321, 342, 343, 344 and 345 of 2014 disposed on 27.04.2016 by quashing and remand to AO