Madan Lal

14 matters before the Securities Appellate Tribunal

Penalties and directions recorded

Respondent granted three weeks to file replies where pending; appellants granted three weeks thereafter to file rejoinders.
Appellant in Appeal No. 66 of 2022 directed to deposit Rs. 3 lakhs.
AO order Dec 24, 2021 imposed different quantum of penalties on each noticee
AO order 24 Dec 2021 imposed varying monetary penalties on noticees
AO order dated 24 Dec 2021 imposed different quantum of penalties on noticees

SAT-appeal

Alleged concerted manipulation of Rutron International Ltd scrip price and volume by contributing to positive LTP through synchronized trading.
WTM order 15 Feb 2021 restrained appellants from securities market for six months and froze securities held
Appeal: Appeals 318-320/2021 vs WTM order 15.02.2021 and Appeals 66,67,78,123-125/2022 vs AO order 24.12.2021, jointly decided 21.09.2022
SAT matter SATV-31967ABBC416DDD96C3B6137
Heard in part; matter put up for further hearing on June 24, 2022 · All parties to act on digitally signed copy; certified copy available from Registry on payment
Appeal: Appeal Nos. 318, 319, 320 of 2021 and 66, 67, 78, 123, 124, 125 of 2022 pending; heard in part on 23.06.2022, adjourned to 24.06.2022
Alleged concerted manipulation of Rutron International Ltd scrip price through connected entities contributing positive LTP via repeated small-quantity trades in violation of PFUTP Regulations.
Appeal: Appeal Nos. 318, 319, 320 of 2021 and 66, 67, 78, 123, 124, 125 of 2022 heard together; Date of Hearing 24.06.2022, Date of Decision 21.09.2022
Concerted manipulation of Rutron International Ltd scrip price/volume via connected buyers-sellers creating positive LTP in violation of PFUTP Regulations.
All appeals heard together and decided by common SAT order dated 21.09.2022 · WTM order 15.02.2021 had restrained appellants from market for 6 months and froze securities
Appeal: Appeal Nos 318-320/2021 vs WTM order 15.02.2021 and Appeal Nos 66,67,78,123-125/2022 vs AO order 24.12.2021 heard together; hearing 24.06.2022, decided 21.09.2022
SAT matter SATV-B42BEBF31A66433374EDA8F2
Delay condoned; Misc. Application No. 193 of 2022 disposed of · Connected with Appeal No. 318 of 2021 Comfort Intech Ltd vs SEBI
Appeal: Appeal No. 123 of 2022 pending; delay condoned via Misc. Application No. 193 of 2022; listed on April 13, 2022
Alleged connection with other noticees and involvement in a securities-law violation; the AO reportedly relied on the WTM order and noted that only one trade was executed.
Respondent granted three weeks to file replies where pending; appellants granted three weeks thereafter to file rejoinders. · Appellant in Appeal No. 66 of 2022 directed to deposit Rs. 3 lakhs.
Appeal: SAT order dated 13 April 2022 in Appeal Nos. 318-320 of 2021, 66-67, 78, and 123-125 of 2022; appeals remained pending and were listed for 23 June 2022.
Alleged concerted manipulation of Rutron International Ltd. scrip price through synchronized small-quantity sales above LTP in violation of PFUTP Regulations.
WTM order Feb 15, 2021 restrained appellants from accessing securities market for six months and froze securities held · AO order Dec 24, 2021 imposed different quantum of penalties on each noticee
Appeal: Appeal Nos. 318, 319, 320 of 2021 and 66, 67, 78, 123, 124, 125 of 2022; hearing 24.06.2022, decision 21.09.2022
Alleged concerted manipulation of Rutron International Ltd scrip price and volume by contributing to positive LTP through repeated small trades above LTP.
WTM order 15 Feb 2021 restrained appellants from accessing securities market for six months and froze securities held · AO order 24 Dec 2021 imposed varying monetary penalties on noticees
Appeal: Appeal Nos. 318, 319, 320 of 2021 and 66, 67, 78, 123, 124, 125 of 2022 heard together; hearing 24.06.2022, decided 21.09.2022 by common order
Alleged concerted fraudulent and unfair trading and price manipulation in Rutron International Ltd. through connected entities, repeated small higher-priced sell orders and trades contributing to positive LTP.
Appeals Nos. 123, 124 and 125 of 2022 by Madan Lal, Vandana Sharma and Asha Sharma dismissed without costs. · Appeals concerning Comfort Intech Ltd., Manju Khandelia and Jugal Chandrakant Thacker HUF were heard with the connected appeals; outcome is not included in the supplied text.
Appeal: Common SAT order dated 21 September 2022 deciding Appeal Nos. 318-320 of 2021, 66-67, 78 and 123-125 of 2022; the supplied extract records dismissal of Appeals 123-125 without costs.
Alleged concerted manipulation of Rutron International Ltd. price by connected entities through repeated small-quantity sells above LTP contributing to positive LTP and price rise.
WTM order dated 15 Feb 2021 restrained appellants from accessing securities market for six months and froze securities held · AO order dated 24 Dec 2021 imposed different quantum of penalties on noticees
Appeal: Appeal Nos. 318, 319, 320 of 2021 against WTM order dated 15 Feb 2021 and Appeal Nos. 66, 67, 78, 123, 124, 125 of 2022 against AO order dated 24 Dec 2021 heard together, hearing 24.06.2022, decided by common SAT order dated 21.09.2022
SAT matter SATV-7A368B3067C414421546CB5B
Heard counsel for parties; order reserved · Parties to act on digitally signed copy; certified copy available from Registry on payment
Appeal: Appeal Nos. 318, 319, 320 of 2021 and 66, 67, 78, 123, 124, 125 of 2022 heard on 24.06.2022; order reserved, not disposed
Alleged concerted manipulation of Rutron International Ltd scrip by connected entities contributing positive LTP via repeated small sells above LTP.
WTM order 15 Feb 2021 restrained appellants from securities market for 6 months and froze securities held · AO order 24 Dec 2021 imposed varying penalties on noticees
Appeal: Appeal Nos 318-320/2021 vs WTM order 15 Feb 2021 and Appeal Nos 66,67,78,123-125/2022 vs AO order 24 Dec 2021 heard together; decision 21 Sep 2022
Concerted manipulation of Rutron International Ltd scrip price by connected entities contributing to positive LTP through repeated small-quantity sales above LTP.
WTM order 15 Feb 2021: restrained appellants from securities market for 6 months · WTM order 15 Feb 2021: freezing of securities held by appellants
Appeal: Appeal Nos. 318,319,320 of 2021 vs WTM order and Appeal Nos. 66,67,78,123,124,125 of 2022 vs AO order heard together; decided by common SAT order dated 21.09.2022
SAT matter SATV-D28FF7C9F09D447ECF8E334E
Delay condoned and Misc. Application No. 1709 of 2022 allowed · Review Application No. 83 of 2022 dismissed; no error in order dated September 21, 2022
Appeal: Review Application No. 83 of 2022 in Appeal No. 123 of 2022 dismissed on 30.01.2023; order dated 21.09.2022 upheld

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Source: SecMarx — Madan Lal. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (charges, outcomes, appeal chain) is cited to us.