M/s. Winsome Yarns Ltd.

SAT-appeal

• Alleged fraudulent GDR scheme involving undisclosed pledge and loan agreements, use of GDR proceeds to fund the sole subscriber, and misleading disclosure that the issue was fully subscribed by six entities.
  Appeals challenged the AO order dated 28 May 2021 imposing monetary penalties. · Tribunal rejected the appellants' defenses and upheld the findings concerning the fraudulent GDR scheme and disclosure violations.
  Appeal: Appeal Nos. 716 of 2021 and 717 of 2021 decided by SAT on 19 July 2022; appellants' contentions rejected.
• Violation arising from non-disclosure of the loan and pledge agreement connected with the Company's GDR issue, including whether the GDRs were issued for proper consideration and whether appropriate disclosures were made.
  WTM findings of violation affirmed · Company's debarment from accessing the securities market reduced to one year
  Appeal: Appeal Nos. 280 and 281 of 2022 partly allowed by SAT decision dated 19 July 2022.
• SAT matter SATV-0F1A98B422DF8754B124046C
  Three weeks granted to appellants to file rejoinder in all appeals · Matters listed for 22 March 2022
  Appeal: Appeal Nos. 716 of 2021, 717 of 2021 and 745 of 2021 were pending; listed on 22 March 2022. Misc. Applications Nos. 1306 and 1307 of 2021 also listed.
• SAT matter SATV-08FD5E36D8679BC6D0033CE6
  Delay in filing both appeals condoned · Miscellaneous applications allowed
  Appeal: Appeal Nos. 280 and 281 of 2022 were heard together against a common SEBI order; order reserved on 15 June 2022
• SAT matter SATV-1AA74CAE37C6C2B8D6DFD3AD
  Delay in filing the appeals was condoned. · SEBI to file its reply within three weeks.
  Appeal: Appeal Nos. 716 of 2021 and 717 of 2021; delay condoned on 16 December 2021; reply and rejoinder directed; listed for admission and final disposal on 8 February 2022.
• Alleged fraudulent GDR financing scheme involving undisclosed pledge and loan agreements, misleading disclosure of full subscription, and concealment that one entity solely subscribed to the issue.
  Appeals against the AO order dated 28 May 2021 were heard; the excerpt records rejection of the appellants’ contentions and upholds the findings of violation.
  Appeal: Appeal Nos. 716 of 2021 and 717 of 2021; hearing on 1 June 2022 and decision dated 19 July 2022. The excerpt does not state the final operative disposal beyond rejecting the appellants’ contentions.
• SAT matter SATV-567D49B95C98EECA0D16DC5E
  Three weeks' further time allowed to appellant to file rejoinder · List on 29 April 2022
  Appeal: Appeal Nos. 716 of 2021, 717 of 2021 and 745 of 2021 pending before SAT; adjourned to 29 April 2022
• SAT matter SATV-5BF3485366FDD155C2AED35E
  Heard in part; matters put up for final hearing on June 01, 2022 · Parties to act on digitally signed copy; certified copy available from Registry on payment
  Appeal: Appeal Nos. 716 of 2021 and 717 of 2021 heard in part on 30.05.2022; listed for final hearing on 01.06.2022; pending, not disposed
• SAT matter SATV-58FEF998C14411F4986EF0CA
  Three weeks time allowed to appellant to file rejoinder in all appeals · List on 22nd March, 2022
• SAT matter SATV-613BEEF346DE57249D5AACA2
  Three weeks time allowed to appellant to file rejoinder in all appeals · List appeals on 22nd March, 2022
  Appeal: Appeal Nos. 716, 717 and 745 of 2021 with Misc. Applications 1306-1307 of 2021 pending; rejoinder allowed, next listed 22 March 2022
• SAT matter SATV-79EA558AF71EF588FC8A80F5
  Three weeks further time allowed to appellant to file rejoinder · List on 29th April, 2022
  Appeal: Appeal Nos. 716, 717 and 745 of 2021 pending before SAT; rejoinder stage; listed on 29 April 2022
• SAT matter SATV-9EA364EAB9BB119C501D233B
  Appeal No. 592 of 2021 dismissed for want of prosecution due to non-appearance of appellant
  Appeal: Appeal No. 592 of 2021 dismissed for want of prosecution vide decision dated 08.09.2021
• SAT matter SATV-43D849C8DD7EFB1B04E32AD9
  Order reserved · Written submissions, if any, may be filed within two weeks from 1 June 2022
  Appeal: Appeal Nos. 716 of 2021 and 717 of 2021 were heard by SAT on 1 June 2022; order reserved. No disposal on merits stated.
• SAT matter SATV-B5EF1D331DE94A8514211205
  Delay in filing appeals condoned; Misc. Applications allowed · Respondent to file reply within three weeks; appellants to file rejoinder three weeks thereafter
  Appeal: Appeal Nos. 716 of 2021 and 717 of 2021 pending; delay condoned on 16.12.2021; listed for admission and final disposal on 08.02.2022
• SAT matter SATV-BEEADD2FC9ACA750D1FAE6D4
  Three weeks further time allowed to appellant to file rejoinder · List all appeals for admission and final disposal on May 30, 2022
  Appeal: Appeal Nos. 716, 717 and 745 of 2021 pending; adjourned to May 30, 2022 for admission and final disposal
• SAT matter SATV-E149AE9042629AB0451C6ADC
  Heard in part; listed for final hearing on June 01, 2022 · Parties to act on digitally signed copy; certified copy available on payment of usual charges
  Appeal: Appeal Nos. 716 of 2021 and 717 of 2021 pending; heard in part on 30.05.2022, listed for final hearing on 01.06.2022
• SAT matter SATV-F8A8AE1236CAD8EA0DCE9F65
  Delay in filing appeals condoned and Misc. Applications allowed · Appeal No.280 of 2022 and Appeal No.281 of 2022 taken up together as against common order
  Appeal: Misc. Application No.450 of 2022 with Appeal No.280 of 2022 and Misc. Application No.451 of 2022 with Appeal No.281 of 2022 - delay condoned, heard, order reserved on 15.6.2022
• SAT matter SATV-646669FCF520E21120DB26EB
  Three weeks’ further time granted to the appellant to file a rejoinder · All appeals and the miscellaneous application listed on 30 May 2022 for admission and final disposal
  Appeal: Appeal Nos. 716 of 2021, 717 of 2021 and 745 of 2021 were pending; further time was granted and matters listed for admission and final disposal on 30 May 2022
• Fraudulent GDR scheme where issuer pledged USD 13.24m GDR proceeds with EURAM Bank to finance sole subscriber Vintage and concealed pledge/loan agreements while disclosing issue as genuinely subscribed.
  AO imposed Rs.25 crore penalty under Section 15HA for Section 12A / PFUTP violations - under challenge in SAT Appeal No.745/2021
  Appeal: Appeal Nos.716 and 717/2021 by Winsome Yarns and MD against AO order dated 28.05.2021 disposed 19.07.2022: violations affirmed, penalty reduced, partly allowed
• Non-disclosure of loan and pledge agreement in GDR issue; whether GDRs issued with proper consideration and appropriate disclosures.
  Affirmed WTM finding of violations by Company · Reduced debarment of Company from 3 years to 1 year
  Appeal: Appeal Nos. 280 and 281 of 2022 partly allowed by SAT decision dated 19 July 2022 (hearing 15 June 2022)
• SAT matter SATV-854D69188592354F8D1E8629
  Three weeks' further time allowed to appellant to file rejoinder · List on 29 April 2022
  Appeal: Appeal Nos. 716 of 2021, 717 of 2021 and 745 of 2021 pending with Misc. Application Nos. 1306-1307 of 2021; next listing 29 April 2022
• SAT matter SATV-DBA71287B4BED0818CB1AEC3
  Order reserved after hearing learned counsel for parties · Written submissions, if any, may be filed within two weeks
  Appeal: Appeal No. 716 of 2021 (Winsome Yarns Ltd.) and Appeal No. 717 of 2021 (Manish Bagrodia) heard on 01.06.2022; order reserved