Govind Das Pasari, Bharat Kumar Doshi, Avichal Kasliwal

6 matters before the Securities Appellate Tribunal

Penalties and directions recorded

WTM 5-year market restraint and AO penalty not sustainable against independent directors Govind Das, Bharat Kumar, Avichal
WTM restraint and AO penalty not sustainable against Jyoti Bankda who resigned on resolution date
AO penalty held unsustainable for Govind Das, Bharat Kumar, Avichal and Jyoti Bankda
WTM had restrained all appellants from securities market for 5 years
AO had imposed Rs.25 lakh on Company and Rs.15 lakh each on others

SAT-appeal

Fraudulent GDR issue where proceeds were pledged to fund sole subscriber, creating false subscription, later converted to equity and sold in India.
Delay condoned; Misc. Applications 586, 662, 663 of 2019 allowed · WTM 5-year market restraint and AO penalty not sustainable against independent directors Govind Das, Bharat Kumar, Avichal
Appeal: Appeal Nos. 201,445,101,306,533,602,603 of 2019 and 32,97,98,615 of 2019 decided by common order reserved 23.04.2021 decided 30.04.2021
Fraudulent GDR issue where proceeds were pledged to fund the sole subscriber and never reached company, GDRs converted to equity and sold in India.
Delay in filing appeals condoned vide Misc. Appl. 586, 662, 663 of 2019 · WTM 5-year market access restraint held unsustainable for Govind Das, Bharat Kumar, Avichal and Jyoti Bankda
Appeal: Appeal Nos. 201,445,101,306,533,602,603,615 of 2019 and 32,97,98 of 2020 decided by common SAT order dated 30.4.2021 (reserved 23.4.2021)
Fraudulent GDR issue where proceeds were pledged to fund its own subscription via sole subscriber, with no funds for objects, later converted to equity and sold in India.
WTM had restrained all appellants from securities market for 5 years · AO had imposed Rs.25 lakh on Company and Rs.15 lakh each on others
Appeal: Appeal Nos. 201,445,101,306,533,602,603,615 of 2019 and 32,97,98 of 2020 disposed by common SAT order reserved 23.4.2021, decided 30.4.2021; delay condoned vide Misc. Appl. 586,662,663 of 2019
Fraudulent GDR issue where proceeds were pledged to secure loan to sole subscriber so issue appeared subscribed but proceeds never used for stated objects.
Delay condoned in Misc. Applications 586, 662, 663 of 2019 · WTM had restrained all appellants from securities market for 5 years
Appeal: Appeal Nos. 201, 445, 101, 306, 533, 602, 603 of 2019 and 32, 97, 98, 615 of 2020 decided by common SAT order reserved 23.4.2021, decided 30.4.2021
Fraudulent GDR issue where company pledged entire GDR proceeds to fund sole subscriber Vintage FZE loan, falsely showing subscription, later converting GDRs to equity and selling in India.
Delay condoned; Misc. Applications 586, 662, 663 of 2019 allowed · Noted WTM 5-year market access restraint and AO penalties under challenge
Appeal: Appeal Nos.201,445,101,306,533,602,603,615 of 2019 and 32,97,98 of 2020 decided by common order dated 30.04.2021, reserved 23.04.2021
Fraudulent GDR issue where proceeds were pledged to fund sole subscriber's subscription, falsely showing full subscription, later converted to equity and sold in India.
WTM order restrained all appellants from securities market for 5 years · AO order imposed Rs 25 lakhs on Company and Rs 15 lakh each on others
Appeal: Appeal Nos. 201, 445, 101, 306, 533, 602, 603, 615 of 2019 and 32, 97, 98 of 2020 decided by common SAT order reserved 23.4.2021, decided 30.4.2021

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Source: SecMarx — Govind Das Pasari, Bharat Kumar Doshi, Avichal Kasliwal. 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.