M/s. Alka Securities Ltd.

SAT-appeal

• Challenge to Recovery Officer demands for interest on disgorgement and penalty amounts arising from orders passed before Section 28A came into force.
  Appeal: Common decision in Appeal Nos. 41 of 2014, 313 of 2014, 314 of 2014, 315 of 2014, 400 of 2014, 392 of 2015 and 432 of 2015; decision dated 10 March 2017. The supplied text does not include the final operative disposal.
• SAT matter SATV-13D0E39049516F17CF5F0550
  Appellants directed to make representations to SEBI regarding attachment of their bank accounts, demat accounts and lockers · SEBI directed to consider the representations and pass appropriate orders
  Appeal: Appeal Nos. 135, 137 and 138 of 2014 disposed of on 9 June 2014 with directions and no order as to costs
• Challenge to Recovery Officer demands for interest on disgorgement and penalty amounts arising from SEBI orders passed before 18 July 2013.
  Appeal: Appeal Nos. 41 of 2014, 313 of 2014, 314 of 2014, 315 of 2014, 400 of 2014, 392 of 2015 and 432 of 2015 were heard together; decision dated 10 March 2017. Earlier appeals against the Dalal disgorgement order were dismissed by SAT on 12 November 2010 and by the Supreme Court on 21 February 2011; review dismissed on 24 August 2011.
• SAT matter SATV-2C57397F04F9C4DD77689C5D
  Appeal No. 83 of 2011 dismissed for non-compliance with SAT's order dated 16 May 2011
  Appeal: Appeal No. 83 of 2011 dismissed on 13 June 2011 for non-compliance with the order dated 16 May 2011
• Alleged price/volume manipulation via promoter circular and off-market trades; violation of July 28, 2009 direction by trading for two new clients on April 6-7, 2010.
  Appeal allowed and SEBI ex-parte order dated April 29, 2010 set aside · SEBI directed to pass fresh order in accordance with law after hearing appellant
  Appeal: Appeal No. 68 of 2010 decided on 10.5.2010 - allowed with no costs, matter remanded to SEBI for fresh hearing
• Misleading investors via inflated incorrect quarterly promoter shareholding disclosures to NSE despite steep fall, as fraudulent device to manipulate scrip.
  Appeals No. 179 and 181 of 2011 dismissed · AO finding of violation of FUTP Regulations 3 and 4 upheld
  Appeal: Appeals No. 179 and 181 of 2011 dismissed on 22.12.2011; related Appeal No. 180 of 2011 decided on 15.11.2011
• Dealing through unregistered sub-broker by handing over entire broking business and mis-utilisation of clients funds for own purposes plus failure to maintain proper books.
  Appeal dismissed with no order as to costs · Two-month suspension of stock broker registration upheld
  Appeal: Appeal No. 234 of 2009 decided on 9.12.2009 - dismissed
• IPO-related investigation (2003-2005 IPOs) leading to disgorgement of unlawful gains and penalties; dispute is RO levying interest on delayed payment of pre-18.07.2013 orders.
• SAT matter SATV-A290CDD06A4C1DF4932BF78E
  Appellants to make representation to SEBI against attachment on or before 11 June 2014 · SEBI to consider representation and pass appropriate orders on or before 20 June 2014
  Appeal: Appeal Nos. 135, 137 and 138 of 2014 disposed of by SAT order dated 09.06.2014 with directions to represent
• SAT matter SATV-950DFFFE93513E8FA5B3FB7C
  Each appellant to make representation to SEBI against attachment order · SEBI to consider representations and pass appropriate orders thereon
  Appeal: Appeal Nos. 135, 137 and 138 of 2014 disposed of by SAT on 09.06.2014
• SAT matter SATV-F27CEF52AD9E329EC96028BD
  Dispose Misc. Applications No. 62 and 69 of 2010 with time-bound directions · SEBI to issue Section 11B show cause notice by 31 August 2010 if it proposes to proceed
  Appeal: Misc. Applications No. 62 and 69 of 2010 in Appeal No. 231 of 2009 disposed on 27.7.2010
• Whether Section 28A SEBI Act imposes interest for failure to pay amounts under Section 28A in time and if it applies to interest on disgorgement/penalty orders passed prior to 18.07.2013.
  Appeal: Lead Appeal No.41 of 2014 with Nos.313,314,315,400 of 2014 and 392,432 of 2015 heard together; prior appeals against 21.07.2009 order dismissed by SAT on 12.11.2010, Supreme Court on 21.02.2011, Review on 24.08.2011; Appeal No.199 of 2013 disposed on 17.01.2014 permitting present appeal.
• Whether Sec 28A SEBI Act permits Recovery Officer to demand interest on disgorgement/penalty due under orders passed prior to 18.07.2013 till payment.
  Appeal: WTM order 21.07.2009 appeals dismissed by SAT on 12.11.2010; Supreme Court dismissed appeal 21.02.2011; Review dismissed 24.08.2011; Appeal 199/2013 disposed 17.01.2014
• IPO-related violations (2003-2005) leading to disgorgement/penalty orders; dispute is RO demanding interest on delayed payment of pre-18.07.2013 orders under Section 28A.
  Appeal: Appeal Nos. 41/2014, 313/2014, 314/2014, 315/2014, 400/2014, 392/2015, 432/2015; Order Reserved On 08.02.2017, Date of Decision 10.03.2017