Hemant Sheth

SAT-appeal

• Alleged synchronized, reversal and self trades among connected entities created artificial volumes and positive LTP in Polytex, KGN and Gemstone, generating unlawful gains.
  Appeals challenged the WTM order dated 31 January 2019 imposing market restraints and joint-and-several disgorgement. · WTM order restrained five entities from accessing or dealing in the securities market for 5–7 years.
  Appeal: Appeal Nos. 205–212, 305, 346, 356 and 438 of 2019 were heard together; decision dated 4 March 2020. The excerpt does not state final disposal directions.
• Alleged synchronized, reversal and self trades among connected trading and financing entities created artificial volumes and positive LTP in Polytex, KGN and Gemstone, generating unlawful gains.
  Appeal: Appeals Nos. 205, 206, 207, 208, 209, 210, 211, 212, 305, 346, 356 and 438 of 2019 were filed against SEBI WTM order dated 31 January 2019; decision dated 4 March 2020.
• Executing self, reversal and synchronized trades in Gulshan Polyols Limited shares to create artificial volume and cause a fictitious price rise; failure by Bhavesh Pabari and M/s Shree Radhe to furnish information during investigation.
  Appeal No. 53 of 2012 dismissed; Rs 20 lakh penalty against Hemant Sheth sustained. · Appeals Nos. 71 and 72 of 2012 partially allowed; Rs 20 lakh penalty against each appellant sustained.
  Appeal: Appeal Nos. 53, 71 and 72 of 2012 disposed of by SAT on 10 September 2013; Appeal 53 dismissed and Appeals 71 and 72 partially allowed.
• Execution of self, reversal and synchronized trades in Gulshan Polyols Limited shares, allegedly creating artificial volume and contributing to an artificial price rise; failure by Bhavesh Pabari and M/s Shree Radhe to furnish information sought under investigation.
  Appeal No. 53 of 2012 dismissed; Rs. 20 lakh penalty on Hemant Sheth sustained. · Appeal Nos. 71 and 72 of 2012 partly allowed; Rs. 10 lakh information-failure penalties quashed.
  Appeal: Appeal Nos. 53, 71 and 72 of 2012 disposed of by common SAT decision dated 10 September 2013; Appeal 53 dismissed and Appeals 71 and 72 partly allowed.
• Alleged synchronized, reversal and self trades, coordinated financing and manipulation created artificial volumes and positive LTP in Polytex, KGN and Gemstone, generating unlawful gains.
  Appeals challenged the WTM order dated 31 January 2019 imposing market restraints and joint-and-several disgorgement. · WTM order restrained five entities from accessing or dealing in the securities market for 5–7 years.
  Appeal: Appeal Nos. 205, 206, 207, 208, 209, 210, 211, 212, 305, 346, 356 and 438 of 2019; decision dated 4 March 2020. Disposal outcome is not contained in the supplied text.
• Alleged fraudulent and unfair trading through synchronized, reversal and self trades, artificial volume and positive LTP creation in Polytex, KGN and Gemstone, generating unlawful gains.
  Challenge to SEBI WTM order dated 31 January 2019 concerning market-access restraints and joint-and-several disgorgement.
  Appeal: Appeal Nos. 205, 206, 207, 208, 209, 210, 211, 212, 305, 346, 356 and 438 of 2019; decision dated 4 March 2020; outcome not included in the provided text.
• Alleged fraudulent and unfair trade practices through synchronized, reversal and self trades, artificial volume creation, positive LTP contribution and unlawful gains in Polytex, KGN and Gemstone.
  SEBI restrained five entities from accessing or dealing in the securities market for 5–7 years. · Eleven entities were directed to disgorge Rs. 3,05,99,174 jointly and severally with the restrained entities.
  Appeal: Appeal Nos. 205, 206, 207, 208, 209, 210, 211, 212, 305, 346, 356 and 438 of 2019; common SAT decision dated 4 March 2020, challenging SEBI WTM order dated 31 January 2019
• Connected clients executed self, reversal and synchronized trades in Gulshan Polyols Ltd to create artificial volume and inflate price in violation of FUTP Regulations.
  Appeal No.53 of 2012 dismissed, Rs 20 lakh penalty under Sec 15HA sustained · Appeal Nos.71 and 72 of 2012 dismissed as to Rs 20 lakh penalty under Sec 15HA
  Appeal: Appeal No.53, 71 and 72 of 2012 heard together, reserved on 28 August 2013 and disposed by common order on 10 September 2013
• Synchronized, reversal and self trades creating artificial volumes and positive LTP in Polytex, KGN and Gemstone scrips to earn unlawful gains in Polytex.
  5 entities restrained from accessing/dealing in securities market for 5-7 years · 11 entities debarred since 10 May 2013 plus 5 restrained entities to disgorge Rs 3,05,99,174 jointly and severally with 12% p.a. interest from 17 Dec 2012
  Appeal: 12 appeals Nos. 205-212, 305, 346, 356, 438 of 2019 against WTM order dated 31 Jan 2019; SAT decision dated 04 March 2020 (reserved 31 Jan 2019)
• SAT matter SATV-5CF7A14DFF9E2E82DA66005A
  Delays in filing Appeal Nos. 567 of 2020 and 554 of 2020 condoned · Miscellaneous Applications Nos. 623 and 624 of 2020 allowed
  Appeal: Appeal Nos. 567 of 2020 and 554 of 2020; delays condoned on 11 January 2021; appeals connected with Appeal No. 446 of 2020 and listed for 19 February 2021
• Alleged concerted manipulation in Polytex, KGN and Gemstone via synchronized, reversal and self trades creating artificial volumes and positive LTP, with unlawful gains in Polytex liable for disgorgement.
  5 entities restrained from accessing/dealing in securities market for 5-7 years vide WTM order · 11 entities having undergone >5 years debarment from interim order 10.05.2013 plus 5 restrained directed to disgorge Rs 3,05,99,174 jointly and severally
  Appeal: 12 SAT Appeals Nos 205-212, 305, 346, 356, 438 of 2019 against SEBI WTM order dated 31 January 2019; reserved 31.01.2019, decided 04.03.2020 by common order
• Synchronized, reversal and self trades creating artificial volume and positive LTP in Polytex, KGN, Gemstone with financing of pay-in obligations, making unlawful gains in Polytex liable for disgorgement.
  5 entities restrained from accessing/dealing in securities market directly/indirectly for 5-7 years vide WTM order 31.01.2019 · 11 entities already debarred over 5 years since 10.05.2013 plus 5 restrained entities to disgorge Rs 3,05,99,174 jointly and severally with 12% p.a. interest
  Appeal: 12 appeals Nos 205-212, 305, 346, 356, 438 of 2019 against WTM order dated 31.01.2019; Order Reserved 31.01.2019, Date of Decision 04.03.2020
• Alleged manipulation in Polytex, KGN, Gemstone via concerted synchronized, reversal and self trades creating artificial volume and positive LTP; financing noticees funded trading noticees pay-ins, unlawful gain in Polytex liable for disgorgement.
  5 entities restrained from accessing/dealing securities market directly/indirectly for 5-7 years · 11 entities already debarred over 5 years since 10.05.2013 to disgorge Rs 3,05,99,174 jointly/severally with 5 entities plus 12% interest
  Appeal: 12 appeals Nos 205-212, 305, 346, 356, 438 of 2019 against WTM order 31.01.2019; reserved 31.01.2019, decided 04.03.2020 by common order
• Alleged synchronized, reversal and self trades in Polytex, KGN, Gemstone creating artificial volume and positive LTP for unlawful gains funded by financing noticees.
  5 entities restrained from accessing/dealing in securities market for 5-7 years vide WTM order 31.01.2019 · 11 entities debarred since 10.05.2013 directed to disgorge Rs 3,05,99,174 jointly and severally with 12% interest
  Appeal: 12 appeals Nos. 205-212, 305, 346, 356, 438 of 2019 against WTM order 31.01.2019; reserved 31.01.2019, decided 04.03.2020
• SAT matter SATV-E2CA9438F71C57761084780A
  Delays condoned; Misc. Application No. 623 of 2020 and 624 of 2020 allowed · Connected with Appeal No. 446 of 2020 and listed on February 19, 2021
  Appeal: Appeal No. 567 of 2020 and Appeal No. 554 of 2020 pending; delay condoned vide order dated 11.01.2021; connected with Appeal No. 446 of 2020, next date February 19, 2021
• Indirectly trading despite debarment in KGN Enterprises, Gemstone Investments and Polytex India during April-Nov 2012 and manipulating their price.
  Appeal No. 521 of 2021 dismissed; AO penalty of Rs 10 lakh on each appellant upheld · No order as to costs
  Appeal: Appeal No. 521 of 2021 dismissed on 07.01.2022
• Synchronized, reversal and self-trading amongst connected entities creating artificial volume and positive LTP in Polytex India Ltd to make unlawful gains, funded by financing noticees.
  WTM order dated 31 July 2020 directed appellants to disgorge Rs.2,69,93,016.79 jointly and severally with 12% p.a. interest
  Appeal: Appeal Nos.446,460,451,469,476,477,478,554,567 of 2020 and 178,217 of 2021 against WTM order 31 July 2020; Order Reserved 14.9.2021, Date of Decision 20.9.2021
• Alleged manipulation in Polytex, KGN and Gemstone scrips via synchronized, reversal and self trades creating artificial volume and positive LTP, with unlawful gain in Polytex liable for disgorgement.
  5 entities restrained from accessing/dealing in securities market for 5-7 years · 11 entities debarred since 10.05.2013 with 5 restrained entities to disgorge Rs 3,05,99,174 jointly and severally with 12% p.a. interest from 17.12.2012
  Appeal: 12 appeals Nos. 205-212, 305, 346, 356, 438 of 2019 against WTM order dated 31.01.2019; reserved 31.01.2019, decided 04.03.2020 by common order
• Alleged concerted manipulation in Polytex, KGN and Gemstone via synchronized, reversal and self trades creating artificial volumes and positive LTP to earn unlawful gains in Polytex.
  5 entities restrained from accessing/dealing in securities market directly/indirectly for 5-7 years · 11 interim-debarred entities with 5 restrained entities to disgorge Rs.3,05,99,174 jointly and severally with 12% interest
  Appeal: 12 appeals: Appeal Nos. 205-212, 305, 346, 356 and 438 of 2019, reserved on 31.01.2019, decided on 04.03.2020 challenging WTM order dated 31.01.2019