Edelweiss Financial Services Limited

SAT-appeal

• Failure to disclose rejection of forest clearance for ECL’s proposed Kodolibad iron-ore mining project in ESL’s IPO prospectus and to stock exchanges, and alleged merchant-bankers’ due-diligence failures.
  Appeals Nos. 223, 224 and 202 of 2016 challenged the common AO order dated 31 March 2016
  Appeal: Appeal Nos. 223, 224 and 202 of 2016, decided by common SAT order dated 14 November 2019; outcome not included in supplied text
• As BRLMs to CARE IPO, failed to ensure true and adequate material disclosures in RHP on RBI/FEMA conditions including minimum capitalization norms for non-resident investors.
  AO had imposed Rs 1 crore penalty jointly and severally for ICDR/Merchant Banker violations, challenged in SAT appeal
  Appeal: Appeal No. 63 of 2015 against AO order dated 28.11.2014; reserved on 31.08.2016, decided on 30.09.2016
• Alleged non-disclosure of rejection of Forest Clearance by MoEF/FAC for Kodolibad iron ore mine in ESL IPO prospectus and by ECL to stock exchanges.
• BRLMs to CARE IPO allegedly failed to ensure true and adequate material disclosures in DRHP/RHP on RBI/FEMA FDI conditions including minimum capitalization and NOC requirements.
  AO imposed Rs 1 crore penalty jointly and severally on six BRLMs - under challenge in SAT Appeal No. 63 of 2015
  Appeal: Appeal No. 63 of 2015 against AO order dated 28.11.2014; reserved on 31.08.2016, decided on 30.09.2016
• Non-disclosure of rejection of Forest Clearance for Kodolibad iron ore mining by FAC/MoEF in ESL IPO prospectus and by ECL to stock exchanges under Clause 36.
  Rs 1 crore penalty on ESL for Reg 57(1), 57(2)(a)(ii) ICDR per AO order 31.03.2016 · Rs 1 crore jointly and severally on 3 merchant bankers for Reg 57(1), 57(2)(a)(ii), 64(1) ICDR and Reg 13 MB Regs