Kalpana Gupta

SAT-appeal

• SAT matter SATV-0ADFD8DB355EF497ADF05965
  Order digitally signed by the Presiding Officer due to COVID-19 circumstances · Parties directed to act on the digitally signed copy sent by fax and/or email
  Appeal: Appeal (L) No. 198 of 2020 was heard by SAT on 16 July 2020; order reserved.
• MVL Limited’s India Business Centre scheme was held by SEBI to constitute a Collective Investment Scheme; failure to refund investor monies led to recovery and attachment proceedings.
  Appeals against the recovery certificates and bank/demat attachment notices were dismissed at the admission stage. · Recovery certificate for Rs. 65,93,37,925 and related attachment notices were not stayed.
  Appeal: Appeal Nos. 151 and 152 of 2020 dismissed on 23 July 2020; underlying Appeal No. 157 of 2015 was restored on 3 January 2020 and remained pending.
• MVL Limited's India Business Centre (IBC) project held as unregistered Collective Investment Scheme collecting money from investors in violation of CIS norms.
  Held Recovery Officer not barred from recovery despite pending Appeal No.157 of 2015 absent complete stay · Held interim order dated 18.03.2015 extended refund time only till 01.07.2015 and was never complied
  Appeal: SAT Appeal Nos.151 and 152 of 2020 with Misc.Appl.184,185,192 of 2020 against recovery/attachment dated 10.06.2020; reserved 16.07.2020 decided 23.07.2020; main Appeal No.157 of 2015 vs WTM order 19.12.2014 restored 03.01.2020 and still pending