M/s. Dalmia Housing Finance Ltd.

SAT-appeal

• GHCL, its officers and promoter entities allegedly transmitted and reported inflated promoter shareholding by including shares actually held by third parties, misleading investors and the public. Promoter entities also allegedly breached disclosure obligations.
  SAT heard the connected appeals against separate SEBI adjudication orders dated 25 October 2013 imposing monetary penalties. · Order-specific excerpt ends before the Tribunal's final operative decision is stated.
  Appeal: Appeal Nos. 6 to 18 of 2014 were heard on 17 July 2014; decision dated 31 July 2014. The supplied text does not state the disposal outcome.
• SEBI restrained the appellants from trading in GHCL Ltd. amid abnormal trading; the order was based on prima facie findings while investigations had just commenced.
  Appeal disposed of without interfering with SEBI's ex-parte restraint order. · Appellants directed to file objections before SEBI as early as possible.
  Appeal: Appeal No. 87 of 2007 disposed of by SAT on 20 July 2007; merits left open.
• Inflated promoter shareholding by including third-party shares and transmitting incorrect pattern to exchanges, misleading public and investors.
  Appeal: Appeals No. 6 to 18 of 2014 heard 17.07.2014, decision 31.07.2014 challenging AO orders dated 25.10.2013; disposal not in excerpt
• Inflated promoter shareholding reported to exchanges by counting third-party holdings as promoter holdings, giving wrong impression to public and investors.
  Appeal: Appeal Nos. 6 to 18 of 2014 before SAT; hearing 17.07.2014, decision 31.07.2014 challenging AO orders
• GHCL, its Secretary and Chairman transmitted inflated promoter shareholding to exchanges by including third-party shares as promoter holding, misleading public; promoters falsely projected excess shareholding.
  AO impugned orders dated 25.10.2013 imposed Rs.7 lac to Rs.50 lac penalties on 13 appellants; SAT operative decision dated 31.07.2014 not in excerpt
  Appeal: Appeal Nos.6 to 18 of 2014 before SAT, hearing 17.07.2014, decision 31.07.2014 against AO orders dated 25.10.2013
• Transmitting incorrect inflated promoter shareholding to stock exchanges by including third-party shares as promoter holding, misleading public/investors.
  GHCL Ltd: Rs 50 lac penalty under Sec 15HA/23A/23E (Appeal 6) · Bhuwneshwar Mishra: Rs 10 lac penalty (Appeal 7)
  Appeal: Appeals No. 6 to 18 of 2014 heard 17.07.2014, decided 31.07.2014 challenging AO orders dated 25.10.2013
• GHCL, its Secretary and Chairman transmitted inflated promoter shareholding to exchanges by including third-party shares; ten promoters illegally projected excess shareholding as their own, misleading investors.
• GHCL, its Company Secretary and Chairman transmitted incorrect inflated promoter shareholding to exchanges, promoters illegally included third-party shares as own, misleading public/investors.
  AO imposed Rs.50 lac on GHCL Ltd for PFUTP violation r/w Clause 35 · AO imposed Rs.10 lac on Company Secretary and Rs.25 lac on Chairman for collusion/false disclosure
  Appeal: Appeal Nos.6 to 18 of 2014 heard on 17.07.2014, Date of Decision 31.07.2014 before SAT Mumbai