European American Investment Bank AG (EURAM Bank)

5 matters before the Securities Appellate Tribunal

Penalties and directions recorded

Debarment modified to the period already suffered; findings in the impugned orders upheld.
WTM restrained Company from securities market for 3 years and Chairman and Managing Director for 1 year
AO imposed monetary penalty on Company and directors
WTM restrained Company from securities market for 3 years and Chairman and Managing Director for 1 year each
AO imposed Rs 10 crore on Company and Rs 10 lakh each on Chairman and Managing Director

SAT-appeal

Alleged involvement in financing arrangements connected with subscription to GDRs issued by Indian companies, in an investigation concerning GDR issuances allegedly intended to defraud Indian investors.
Appeals allowed in part. · Debarment modified to the period already suffered; findings in the impugned orders upheld.
Appeal: Appeal Nos. 74, 75 and 76 of 2022 disposed of by SAT on 18 December 2024; appeals partly allowed.
Fraudulent GDR issue of USD 22.99 million subscribed solely by Vintage FZE via Euram Bank loan secured by pledge of GDR proceeds, with misleading closure announcement and non-disclosure of loan/pledge.
WTM restrained Company from securities market for 3 years and Chairman and Managing Director for 1 year · WTM warned Euram Bank to ensure future dealings strictly in accordance with law
Appeal: Appeal Nos. 554, 555, 657 of 2021 and 373, 633, 634, 635 of 2022 with Misc. Application 929 of 2022, reserved 03.01.2023, decided 21.02.2023
Fraudulent GDR issue of USD 22.99 mn subscribed solely by Vintage FZE via Euram Bank loan secured by pledge of GDR proceeds, with misleading successful-issue announcement and non-disclosure of loan/pledge and single subscriber.
WTM restrained Company from securities market for 3 years and Chairman and Managing Director for 1 year each · WTM warned Euram Bank to ensure future dealings strictly in accordance with law
Appeal: Appeal Nos. 554/2021, 555/2021, 657/2021, 373/2022, 633/2022, 634/2022, 635/2022 with Misc. Application 929/2022, reserved 03.01.2023, decided 21.02.2023
Fraudulent GDR issuance scheme where Vintage FZE/Alta Vista funded subscription of Indian company GDRs via EURAM Bank loan under pledge agreement, allegedly defrauding Indian investors
Appeals allowed in part - 3-year market debarment reduced to period already suffered (~4 months) · Findings in respective WTM impugned orders upheld
Appeal: Appeal Nos. 74, 75 and 76 of 2022 disposed on 18.12.2024 - allowed in part
Fraudulent GDR issue of USD 22.99 million subscribed solely by Vintage FZE via Euram Bank loan secured by pledge of GDR proceeds, with misleading successful-closure disclosure.
WTM: Company restrained from securities market for 3 years; Chairman and Managing Director for 1 year each · AO: Rs.10 crore penalty on Company and Rs.10 lakh each on Chairman and Managing Director
Appeal: Appeal Nos. 554, 555, 657 of 2021 and 373, 633, 634, 635 of 2022 with Misc. Application 929/2022; reserved 03.01.2023, decided 21.02.2023 together

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Source: SecMarx — European American Investment Bank AG (EURAM Bank). 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.