GHCL Limited

SAT-appeal

• GHCL, its officers and promoter entities allegedly transmitted and reported inflated promoter shareholding by including shares actually held by third parties, misleading investors and the public. Promoter entities also allegedly breached disclosure obligations.
  SAT heard the connected appeals against separate SEBI adjudication orders dated 25 October 2013 imposing monetary penalties. · Order-specific excerpt ends before the Tribunal's final operative decision is stated.
  Appeal: Appeal Nos. 6 to 18 of 2014 were heard on 17 July 2014; decision dated 31 July 2014. The supplied text does not state the disposal outcome.
• Inflated promoter shareholding by including third-party shares and transmitting incorrect pattern to exchanges, misleading public and investors.
  Appeal: Appeals No. 6 to 18 of 2014 heard 17.07.2014, decision 31.07.2014 challenging AO orders dated 25.10.2013; disposal not in excerpt
• Inflated promoter shareholding reported to exchanges by counting third-party holdings as promoter holdings, giving wrong impression to public and investors.
  Appeal: Appeal Nos. 6 to 18 of 2014 before SAT; hearing 17.07.2014, decision 31.07.2014 challenging AO orders
• GHCL, its Secretary and Chairman transmitted inflated promoter shareholding to exchanges by including third-party shares as promoter holding, misleading public; promoters falsely projected excess shareholding.
  AO impugned orders dated 25.10.2013 imposed Rs.7 lac to Rs.50 lac penalties on 13 appellants; SAT operative decision dated 31.07.2014 not in excerpt
  Appeal: Appeal Nos.6 to 18 of 2014 before SAT, hearing 17.07.2014, decision 31.07.2014 against AO orders dated 25.10.2013
• Inflated promoter shareholding disclosed to exchanges by counting third-party shares as promoter holdings, giving false impression to public and investors.
  Appeal: Appeal Nos. 6 to 18 of 2014 heard on 17.07.2014, decided on 31.07.2014 against AO orders dated 25.10.2013
• Failure to disclose arbitrator restraint order encumbering promoter shares under Clause 35, alleged as fraud and untrue publication under PFUTP.
• GHCL, officers and 10 promoters inflated promoter shareholding disclosed to exchanges by counting third-party shares as promoter holding, misleading public/investors.
  AO imposed Rs 7 lakh to Rs 50 lakh penalties per noticee vide 13 separate orders dated 25.10.2013, challenged in SAT Appeals 6-18 of 2014
  Appeal: Appeals No. 6-18 of 2014 against AO orders dated 25.10.2013; heard 17.07.2014, decision dated 31.07.2014; final disposal not in excerpt
• GHCL, CS and Chairman transmitted incorrect inflated promoter shareholding to exchanges; ten promoters illegally added third-party shares to own holding, misleading public/investors.
  AO imposed Rs.50L on GHCL, Rs.10L on CS, Rs.25L on Chairman vide orders 25.10.2013 - challenged · AO imposed Rs.9L on Carissa, Rs.7L each on 9 other promoters - challenged
  Appeal: Appeal Nos. 6 to 18 of 2014 (13 appeals) heard 17.07.2014, decided 31.07.2014 challenging AO orders dated 25.10.2013
• Transmitting incorrect inflated promoter shareholding to stock exchanges by including third-party shares as promoter holding, misleading public/investors.
  GHCL Ltd: Rs 50 lac penalty under Sec 15HA/23A/23E (Appeal 6) · Bhuwneshwar Mishra: Rs 10 lac penalty (Appeal 7)
  Appeal: Appeals No. 6 to 18 of 2014 heard 17.07.2014, decided 31.07.2014 challenging AO orders dated 25.10.2013
• GHCL, its Secretary and Chairman transmitted inflated promoter shareholding to exchanges by including third-party shares; ten promoters illegally projected excess shareholding as their own, misleading investors.
• Inflated promoter shareholding disclosed to exchanges by counting third-party shares as promoter holding, misleading public and investors.
  Impugned AO penalties Rs 7L-50L challenged; SAT operative findings truncated in excerpt
  Appeal: Appeal Nos. 6-18 of 2014 against AO orders dated 25 Oct 2013; heard 17 July 2014, decided 31 July 2014; final SAT holding truncated
• Failure to disclose arbitration restraint order encumbering promoter shares under clause 35, alleged as fraud and causing publication of untrue information under PFUTP.
  Appeal: Appeal No. 183 of 2013 and Appeal No. 181 of 2013, reserved on 10.10.2014, decided on 30.10.2014
• GHCL, its Company Secretary and Chairman transmitted incorrect inflated promoter shareholding to exchanges, promoters illegally included third-party shares as own, misleading public/investors.
  AO imposed Rs.50 lac on GHCL Ltd for PFUTP violation r/w Clause 35 · AO imposed Rs.10 lac on Company Secretary and Rs.25 lac on Chairman for collusion/false disclosure
  Appeal: Appeal Nos.6 to 18 of 2014 heard on 17.07.2014, Date of Decision 31.07.2014 before SAT Mumbai
• Inflated promoter shareholding disclosed to exchanges by counting third-party shares as promoter holding, misleading public and investors.
  AO penalties Rs 7 lac to Rs 50 lac per appellant vide orders dated 25 Oct 2013 under challenge in Appeals 6-18 of 2014
  Appeal: Appeal Nos. 6 to 18 of 2014 against AO orders dated 25 Oct 2013; heard 17 Jul 2014, decided 31 Jul 2014
• Transmitting and reporting inflated promoter shareholding to stock exchanges by counting third-party shares as promoter holding, misleading public and investors.
  AO imposed Rs.50 lac on GHCL Ltd in Appeal 6 of 2014 · AO imposed Rs.10 lac on Company Secretary in Appeal 7 of 2014
  Appeal: Appeal Nos. 6 to 18 of 2014 heard on 17.07.2014 and decided on 31.07.2014 challenging AO orders dated 25.10.2013