H.S. Anand

SAT-appeal

• Alleged fraudulent and prearranged GDR issuances, diversion of GDR proceeds, and non-disclosure of the loan and account-charge/pledge arrangements to the stock exchange.
  Appeals were heard together in relation to four SEBI orders. · The penalty against H.S. Anand and his one-year debarment were held unsustainable and set aside.
  Appeal: Ten appeals, including Appeals Nos. 406, 408, 483, 491 of 2020 and 100, 101, 102, 337, 338 and 339 of 2021, were decided by SAT on 20 September 2021; the supplied text is incomplete as to the final disposition of all appeals.
• Alleged fraudulent and prearranged GDR issues, diversion of proceeds, and non-disclosure of the Loan Agreement and Account Charge/Pledge Agreement to the stock exchange.
  Appeals were heard together against four SEBI orders. · The order imposing a Rs. 15 lakh penalty on H.S. Anand and the WTM order debarring him for one year were held unsustainable.
  Appeal: Misc. Applications Nos. 583, 584 and 887 of 2021 and Appeals Nos. 406, 408, 483, 491 of 2020 and 100, 101, 102, 337, 338 and 339 of 2021; decision dated 20 September 2021. The excerpt does not state final disposal of all appeals.
• Alleged fraudulent and prearranged GDR issues involving undisclosed loan and account-charge arrangements, diversion of GDR proceeds, and inadequate disclosures to the stock exchange.
  Appeals challenging AO penalties and WTM debarment orders were heard together. · The tribunal held that the penalty and one-year debarment against Mr. H.S. Anand could not be sustained.
  Appeal: Ten connected appeals, including Appeals Nos. 406, 408, 483, 491 of 2020 and 100, 101, 102, 337, 338 and 339 of 2021, decided on 20 September 2021.
• Alleged fraudulent and prearranged GDR issuances, diversion of GDR proceeds, and non-disclosure of the loan and account-charge/pledge arrangements to the stock exchange.
  Appeals concerning Mr. H.S. Anand's penalties and one-year debarment were allowed; the relevant orders were set aside. · The extracted text does not state the final disposition of all other appeals.
  Appeal: SAT Appeals Nos. 406, 408, 483, 491 of 2020 and 100, 101, 102, 337, 338 and 339 of 2021; decision dated 20 September 2021. Extracted text specifically records relief for H.S. Anand.
• SAT matter SATV-274347F951BFD055C3B90371
  Order reserved; parties directed to act on the digitally signed copy
  Appeal: Appeal Nos. 406, 408, 483, 491 of 2020, 100, 101, 102, 337, 338 and 339 of 2021 were heard together; order reserved on 14 September 2021
• SAT matter SATV-36E78FDBAE7474638FC0D7D7
  Order reserved; no merits decision or operative relief recorded in the text · Parties directed to act on the digitally signed copy sent by fax and/or email
  Appeal: Appeal Nos. 406 of 2020, 408 of 2020, 483 of 2020, 491 of 2020, 100 of 2021, 101 of 2021, 102 of 2021, 337 of 2021, 338 of 2021 and 339 of 2021 were heard together; order reserved on 14 September 2021.
• Alleged fraudulent and prearranged GDR issues, diversion of GDR proceeds through a loan and account-charge arrangement, and non-disclosure of material agreements to the stock exchange.
  Appeals were heard together because the facts and modus operandi were common. · The penalty against H.S. Anand and his one-year debarment were held unsustainable.
  Appeal: Misc. Application Nos. 583, 584 and 887 of 2021 and Appeals Nos. 406, 408, 483, 491 of 2020, and 100, 101, 102, 337, 338 and 339 of 2021; decision dated 20 September 2021. Final disposal is not fully stated in the extracted text.
• Fraudulent pre-arranged GDR issue with sole subscriber Vintage FZE funded by Euram Bank loan secured by Company proceeds via undisclosed Loan and Account Charge/Pledge Agreements.
  AO order dated 03.02.2021 imposing Rs 15 lakh penalty on H.S. Anand set aside · WTM order debarring H.S. Anand for one year set aside
  Appeal: Appeal Nos 406,408,483,491/2020,100-102,337-339/2021 with Misc Apps 583,584,887/2021 decided 20.09.2021 (reserved 14.09.2021); H.S. Anand appeals allowed
• Fraudulent GDR issues where Vintage FZE was sole subscriber via Euram Bank loan secured by Company's Account Charge Agreement, with loan/pledge agreements undisclosed to Stock Exchange.
  AO order dated February 3, 2021 imposing Rs 15 lakh penalty on H.S. Anand set aside · WTM order debarring H.S. Anand for one year set aside
  Appeal: Ten appeals Nos 406, 408, 483, 491 of 2020 and 100, 101, 102, 337, 338, 339 of 2021 reserved 14.09.2021, decided 20.09.2021 together
• Fraudulent GDR scheme with Vintage FZE as sole subscriber via Euram Bank loan secured by undisclosed Account Charge/Pledge Agreement, misleading investors.
  AO penalty of Rs.15 lakh on H.S. Anand and WTM 1-year debarment of H.S. Anand set aside as unsustainable
  Appeal: Appeal Nos.406,408,483,491/2020,100-102/2021,337-339/2021 reserved 14.09.2021 decided 20.09.2021
• Fraudulent GDR issues with Vintage FZE as sole subscriber funded by Euram Bank loan secured by Company Account Charge, undisclosed to exchange.
  AO penalty of Rs.15 lakh dated 03.02.2021 against H.S. Anand set aside · WTM one-year debarment dated 27.10.2020 against H.S. Anand set aside
• Fraudulent GDR issues where Vintage FZE as sole subscriber funded subscription via Euram Bank loan secured by company's Account Charge/Pledge of GDR proceeds, with non-disclosure creating false impression.
  AO penalty of Rs.15 lakh and WTM 1-year debarment against H.S. Anand set aside as unsustainable · Ten appeals involving common GDR facts and modus operandi decided together
  Appeal: Misc. Appl. 583,584,887 of 2021 and Appeal Nos.406,408,483,491 of 2020, 100,101,102,337,338,339 of 2021; reserved 14.09.2021, decided 20.09.2021; H.S. Anand appeals allowed