Jagdish Prakash Bagaria

SAT-appeal

• Alleged fraudulent and unfair trade practices involving a sham GDR issue, circular financing and subsequent conversion and sale of GDRs into equity shares in the Indian securities market.
  Appeals allowed in relation to Govind Das Pasari, Bharat Kumar Doshi, Avichal Kasliwal and Jyoti Bankda; their restraints and penalties were set aside. · The extract ends while discussing the appeals of Ajay Bankda and Syncom Healthcare Ltd.; their final disposition is not provided.
  Appeal: Common SAT order dated 30 April 2021 deciding Appeal Nos. 201, 445, 101, 306, 533, 602, 603 of 2019, 32, 97 and 98 of 2020, and Appeal No.615 of 2019; extract incomplete as to final disposition of all appeals.
• Alleged fraudulent and unfair trade practices relating to a GDR issue, including arranging subscription through a bank-financed subscriber secured by the company’s pledged GDR proceeds, followed by conversion and sale of shares in India.
  Appeals were heard and decided by common order. · Delay in filing the appeals was condoned; Misc. Applications Nos. 586, 662 and 663 of 2019 were allowed.
  Appeal: Appeal Nos. 201, 445, 101, 306, 533, 602, 603 of 2019, 32, 97 and 98 of 2020, and Appeal No.615 of 2019 were decided by common SAT order dated 30 April 2021; operative disposition for Ajay Bankda, the company and Jagdish Prakash Bagaria is not included in the supplied text.
• Fraudulent and unfair trade practices involving a GDR issue whose proceeds were secured against a loan to the sole subscriber, followed by conversion of GDRs into shares and sale in the Indian securities market.
  Appeals were heard and decided by a common order. · Delay in filing the appeals was condoned; Miscellaneous Applications Nos. 586, 662 and 663 of 2019 were allowed.
  Appeal: Appeal Nos. 201, 445, 101, 306, 533, 602, 603 of 2019, 32, 97 and 98 of 2020, and 615 of 2019 were decided by common SAT order dated 30 April 2021; connected delay applications were allowed.
• 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 pledged to fund its own subscription by single subscriber, creating false impression of subscription, later conversion and sale in India.
  Delay in filing appeals condoned vide Misc. Appl. 586,662,663 of 2019 · WTM 5-year market access restraint and AO penalty cannot be sustained against independent directors
  Appeal: Appeal Nos. 201,445,101,306,533,602,603,615 of 2019 and 32,97,98 of 2020 decided by common order dated 30.4.2021 (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 the sole subscriber, falsely showing full subscription, later converted and sold in India.
  WTM order: restrained all appellants from accessing securities market for 5 years · AO order: Rs.25 lakhs penalty on Company, Rs.15 lakhs each on others
  Appeal: Appeal Nos.201,445,101,306,533,602,603 of 2019, 32,97,98,615 of 2019/2020 decided by common SAT order reserved 23.4.2021, decided 30.4.2021