M. Srinivasa Reddy

SAT-appeal

• SAT matter SATV-09A1FB17CB6401DA927F3C13
  Appeal Nos. 214 of 2020 and 286 of 2020 were listed for physical hearing on 14 December 2021 for arguments of the remaining appellants. · Parties were directed to obtain instructions from the Registrar 48 hours before the hearing regarding physical or video-conference hearing.
  Appeal: Misc. Application No. 201 of 2020 and Appeal Nos. 214 of 2020, 286 of 2020, 351 of 2020, 527 of 2021, 528 of 2021 and 632 of 2021 were pending; only Appeal Nos. 214 of 2020 and 286 of 2020 were heard for listing directions.
• SAT matter SATV-1A97E546F32B8E46AA9D4561
  Three weeks granted to appellants to file rejoinders. · Matters listed on 6 December 2021.
  Appeal: Connected appeals listed for further proceedings; rejoinders pending in some appeals. Next listing fixed for 6 December 2021.
• SAT matter SATV-1C8B9DC799A6CB15404D5B36
  Delays in filing Appeal Nos. 527 and 528 of 2021 condoned · Appeals connected with Appeal No. 351 of 2020 and listed on 21 October 2021
  Appeal: Appeal Nos. 527 and 528 of 2021; delays condoned on 10 August 2021; appeals connected with Appeal No. 351 of 2020 and listed for 21 October 2021
• Alleged fraudulent and unfair scheme involving issuance of Farmax GDRs, financing their subscription through a bank loan secured by the GDR proceeds, conversion into equity shares and sale in the Indian market.
  Farmax directed to pursue measures to bring back US$72.20 million. · Farmax and M. Srinivasa Reddy restrained from accessing or dealing in the securities market for five years.
  Appeal: Appeals Nos. 214/2020, 286/2020, 351/2020, 527/2021, 528/2021, 632/2021, 33/2022 and 34/2022 decided by SAT on 21 March 2022
• SAT matter SATV-3D80D51EAED59596CD0269BB
  Delays in filing Appeals Nos. 527 and 528 of 2021 condoned · Appeals connected with Appeal No. 351 of 2020 and listed on 21 October 2021
  Appeal: Appeal Nos. 527 and 528 of 2021; delays condoned on 10 August 2021; connected with Appeal No. 351 of 2020 and listed on 21 October 2021
• SAT matter SATV-3258646ADD6B7021B7B0ADBE
  Arguments of the respondent Securities and Exchange Board of India to be heard on 15 December 2021 · Parties to obtain hearing-mode instructions from the Registrar 48 hours before the scheduled date
  Appeal: Misc. Application No. 201 of 2020 in Appeal No. 214 of 2020 and Appeals Nos. 286 of 2020, 351 of 2020, 527 of 2021, 528 of 2021 and 632 of 2021; hearing adjourned for respondent arguments on 15 December 2021
• SAT matter SATV-46E991919C4CCF2A389AB522
  Delay in filing appeals condoned and Misc. Applications Nos. 52 and 53 of 2022 allowed · Heard at admission stage; connected with Appeal No. 214 of 2020
  Appeal: Appeal Nos. 33 and 34 of 2022 with Misc. Applications Nos. 53 and 52 of 2022 - delay condoned, connected with Appeal No. 214 of 2020, order reserved on 03.02.2022
• SAT matter SATV-5D19494B594535A3789AF2E5
  Delay condoned; Misc. Applications Nos. 52 and 53 of 2022 allowed · Appeal Nos. 33 and 34 of 2022 connected with Appeal No. 214 of 2020
  Appeal: Appeal Nos. 33 and 34 of 2022 with Misc. Applications 53 and 52 of 2022 - delay condoned on 03.02.2022; connected with Appeal No. 214 of 2020; order reserved
• SAT matter SATV-66E70C2CF2DA5025BB229D6F
  Heard learned counsel for the appellants · Put up on December 15, 2021 for arguments of the respondent
  Appeal: Misc. Application No. 201 of 2020 and Appeal Nos. 214 of 2020, 286 of 2020, 351 of 2020, 527 of 2021, 528 of 2021, 632 of 2021 pending, adjourned to 15.12.2021
• SAT matter SATV-7D2761E6CAC04201B9E69083
  Order reserved after hearing counsel for parties · Written submissions, if any, may be filed within three days
  Appeal: Order reserved in Appeal Nos. 214/2020, 286/2020, 351/2020, 527/2021, 528/2021, 632/2021 with Misc. Application No. 201/2020; no disposal yet
• SAT matter SATV-8D4723245B1383CF5E90B784
  Three weeks time allowed to appellants to file rejoinders in connected appeals · List connected appeals on December 6, 2021
  Appeal: Misc. Application No. 201 of 2020 and Appeal Nos. 214/2020, 286/2020, 351/2020, 527/2021, 528/2021, 632/2021 pending; adjourned to 6 December 2021
• SAT matter SATV-93F33D85CE3333D60609D37C
  Three weeks time allowed to appellants to file rejoinders in connected appeals · List matters on December 6, 2021
  Appeal: Misc. Application No. 201 of 2020 and Appeal Nos. 214, 286, 351 of 2020 and 527, 528, 632 of 2021 pending; adjourned to 6 December 2021 for filing rejoinders
• SAT matter SATV-932C0716E1D5397B8DD4A222
  Put up matters for physical hearing on December 14, 2021 for arguments of remaining appellants · Parties directed to take instructions from Registrar 48 hours before fixed date on video conference vs physical hearing
  Appeal: Appeal Nos. 214 of 2020, 286 of 2020, 351 of 2020, 527 of 2021, 528 of 2021, 632 of 2021 with Misc. Application No. 201 of 2020 pending; next hearing December 14, 2021
• SAT matter SATV-A9683832A7C09D2994E548B4
  Heard counsel for appellants; listed for arguments of respondent · Parties to ascertain video-conference or physical hearing from Registrar 48 hrs before fixed date
• SAT matter SATV-AE6846DA1D5D2B027E024016
  Heard appellants counsel; listed for respondent arguments on 15 December 2021 · Parties to take instructions from Registrar 48 hrs before fixed date on hearing mode
• SAT matter SATV-BD1B6B838FB909F8172E47BF
  Heard counsel for appellants in Appeal Nos. 214 of 2020 and 286 of 2020 · Listed matters for physical hearing on 14 December 2021 for arguments of remaining appellants
• SAT matter SATV-CAC5A5E9705668F93C689934
  Order reserved after hearing counsel for parties · Written submissions, if any, may be filed within three days
  Appeal: Misc. Application No. 201 of 2020 and Appeal Nos. 214 of 2020, 286 of 2020, 351 of 2020, 527 of 2021, 528 of 2021, 632 of 2021 heard on 15.12.2021; order reserved
• SAT matter SATV-482A6F2E83B28A15BD592EDA
  Written submissions, if any, to be filed within three days · Parties directed to act on the digitally signed copy of the order
  Appeal: Appeal Nos. 214 of 2020, 286 of 2020, 351 of 2020, 527 of 2021, 528 of 2021 and 632 of 2021 were heard; order reserved on 15 December 2021; no disposal on merits stated.
• Fraudulent GDR issue of USD 71.91 mn with pledged proceeds financing own subscription and misleading BSE announcements
  Farmax to pursue measures to bring back USD 72.20 mn outstanding GDR proceeds · Farmax and M. Srinivasa Reddy restrained from securities market for 5 years from 14 July 2020
• Fraudulent GDR scheme where Farmax pledged GDR proceeds to secure EURAM loan to sole subscriber Vintage, misled BSE on successful placement, then GDRs cancelled into equity and sold in India.
  Farmax to pursue measures to bring back outstanding USD 72.20 million, Reddy to ensure compliance · Farmax restrained from accessing / dealing in securities market for 5 years from order date
• SAT matter SATV-52112DC7AD2CEC208CBA4816
  Matter heard and order reserved · Written submissions, if any, may be filed within three days
  Appeal: Appeal Nos. 214 of 2020, 286 of 2020, 351 of 2020, 527 of 2021, 528 of 2021 and 632 of 2021 were heard together; order reserved on 15 December 2021
• SAT matter SATV-4A6DDD30698A3A1AF33C8AEA
  Put up Appeal Nos. 214 of 2020 and 286 of 2020 for hearing on December 14, 2021 for arguments of remaining appellants · Parties to take instructions from Registrar 48 hours before fixed date on video conference vs physical hearing
• Fraudulent GDR scheme: sole subscription via loan secured by pledge of GDR proceeds, misleading BSE claim of successful placement, conversion and sale in India.
  Farmax to pursue measures to bring back USD 72.20 million; MD to ensure compliance · Farmax restrained from securities market for 5 years from order date
• SAT matter SATV-66A4440A8B8992AFD46A91E6
  Heard counsel in Appeal Nos. 214 of 2020 and 286 of 2020 · Put up matters for physical hearing on December 14, 2021 for arguments of remaining appellants
  Appeal: Misc. Application No. 201 of 2020 and Appeal Nos. 214/2020, 286/2020, 351/2020, 527/2021, 528/2021, 632/2021 adjourned to 14 December 2021, not disposed
• SAT matter SATV-8440E8D49479D4C9AB1D2546
  Three weeks time allowed to appellants to file rejoinders · Matter listed on December 6, 2021
  Appeal: Appeal Nos. 214, 286, 351 of 2020 and 527, 528, 632 of 2021 with Misc. Application No. 201 of 2020 pending; adjourned to December 6, 2021
• SAT matter SATV-81A60A765DE952F245759868
  Put up Appeal Nos. 214 of 2020 and 286 of 2020 with connected matters for physical hearing on December 14, 2021 · Parties to take instructions from Registrar 48 hours before fixed date on video conference vs physical hearing
  Appeal: Misc. Application No. 201 of 2020 and Appeal Nos. 214/2020, 286/2020, 351/2020, 527/2021, 528/2021, 632/2021 pending before SAT; adjourned to 14.12.2021
• SAT matter SATV-923F110938FDD9E2C973D04C
  Order reserved after hearing learned counsel for parties · Written submissions, if any, may be filed within three days
  Appeal: Appeal Nos. 214/2020, 286/2020, 351/2020, 527/2021, 528/2021, 632/2021 with Misc. Application No. 201/2020 heard on 15.12.2021; order reserved
• SAT matter SATV-B888E4D0969BD1C824BAECA7
  Three weeks time allowed to appellants to file rejoinders · List connected appeals on December 6, 2021
• Fraudulent GDR issue of USD 71.91 mn in two tranches with pre-pledge of proceeds to secure Vintage loan, non-disclosure of sole subscription, and conversion-sale in India.
  Farmax to pursue measures to bring back USD 72.20 million; Reddy to ensure compliance · Farmax restrained from securities market for 5 years from order date
  Appeal: Appeal Nos. 214, 286, 351 of 2020, 527, 528, 632 of 2021 and 33, 34 of 2022 decided by SAT on 21.03.2022 (reserved 15.12.2021 and 03.02.2022)
• Fraudulent GDR scheme where Farmax pledged GDR proceeds with EURAM Bank as collateral for loan to sole subscriber Vintage, falsely announced successful placement to BSE, then GDRs cancelled and sold in India without proper consideration.
  Farmax to pursue measures to bring back outstanding US$ 72.20 million; M. Srinivasa Reddy to ensure compliance · Farmax and M. Srinivasa Reddy restrained from securities market for 5 years
  Appeal: Appeal Nos. 214/2020, 286/2020, 351/2020, 527/2021, 528/2021, 632/2021, 33/2022, 34/2022 with Misc. Application 201/2020, reserved 15.12.2021 and 03.02.2022, decided 21.03.2022
• Fraudulent GDR scheme: USD 71.91 mn GDRs solely subscribed by Vintage via EURAM Bank loan secured by pledge of GDR proceeds, then cancelled and sold in India without consideration.
  Farmax to bring back outstanding USD 72.20 million; M. Srinivasa Reddy to ensure compliance · Farmax restrained from securities market for 5 years from order date
• SAT matter SATV-DBE6E5DB844C8C39ECF94C8A
  Three weeks time allowed to appellants to file rejoinders in connected appeals · Matter listed on December 6, 2021
  Appeal: Misc. Application No. 201 of 2020 and Appeal Nos. 214, 286, 351 of 2020, 527, 528, 632 of 2021 pending; adjourned to 6 December 2021
• Fraudulent GDR scheme: USD 71.91 mn GDRs solely subscribed by Vintage via EURAM loan secured by pledge of GDR proceeds, then converted to equity and sold in India without consideration.
  Farmax to pursue measures to bring back outstanding USD 72.20 million; Reddy to ensure compliance · Farmax restrained from securities market for 5 years from order date
  Appeal: Appeal Nos. 214/2020, 286/2020, 351/2020, 527/2021, 528/2021, 632/2021, 33/2022, 34/2022 decided on 21 March 2022 by SAT
• SAT matter SATV-FCFC4B61DB6F1A93FF227C75
  Order reserved after hearing counsel for parties · Written submissions, if any, may be filed within three days
  Appeal: Misc. Application 201/2020 and Appeal Nos. 214/2020, 286/2020, 351/2020, 527/2021, 528/2021, 632/2021 heard on 15.12.2021 - order reserved