Mahavirsingh N. Chauhan

19 matters before the Securities Appellate Tribunal

Penalties and directions recorded

Appeals 43 of 2021 and 379 of 2021 were decided together; the order records the appellant's disgorgement liability as his individual profit share.
The appellant's profit of Rs. 41,35,011 plus interest was recovered.
The challenge concerned a Rs. 50 lakh joint and several penalty under Section 15HB for non-compliance with SEBI directions.
Appeals were being heard against the WTM order debarring appellants from accessing the securities market for 10 years from completion of disgorgement.
Appellants were restrained from dealing in the securities market for 10 years.

SAT-appeal

Acting in concert with other noticees to perpetrate a fraudulent scheme involving purported preferential allotments and offloading shares, and allegedly violating interim and confirmatory SEBI directions.
Appeals 43 of 2021 and 379 of 2021 were decided together; the order records the appellant's disgorgement liability as his individual profit share. · The appellant's profit of Rs. 41,35,011 plus interest was recovered.
Appeal: Appeal No. 43 of 2021 and Appeal No. 379 of 2021; decision dated 14 December 2021. Earlier Appeal No. 182 of 2018 was dismissed as withdrawn on 14 June 2018; Appeal No. 393 of 2018 affirmed violations on 18 October 2019.
Alleged fraudulent scheme involving preferential allotment of shares without consideration, coordinated offloading after the lock-in period, and defrauding genuine shareholders in violation of Section 12A read with PFUTP Regulations 3 and 4.
Appeals were being heard against the WTM order debarring appellants from accessing the securities market for 10 years from completion of disgorgement. · Appellants were restrained from dealing in the securities market for 10 years.
Appeal: Five connected appeals: Appeal Nos. 393 of 2018, 394 of 2018, 408 of 2018, 71 of 2019 and 256 of 2019; hearing on 9 October 2019 and decision dated 18 October 2019. Disposition is not contained in the provided text.
SAT matter SATV-2EED3C0DDE97716D9B422524
Appeal listed on 4 March 2021
Appeal: Appeal No. 43 of 2021 was listed for 4 March 2021; no disposal on merits is recorded in this order.
SAT matter SATV-4A76958187B42DA8F74F8300
Appeal allowed to be withdrawn with liberty to make representation to SEBI · SEBI to consider representation and pass appropriate order
Appeal: Appeal No.182 of 2018 withdrawn and disposed of on 14/06/2018; Misc. Application No.134 of 2018 disposed as infructuous
SAT matter SATV-3DF7DB2B8CF34439BA371FE6
List Appeal No. 43 of 2021 and Appeal No. 379 of 2021 for admission and final disposal on October 21, 2021 · Parties to take instructions from Registrar 48 hrs before fixed date on video conference vs physical hearing
Appeal: Appeal No. 43 of 2021 and Appeal No. 379 of 2021 with Misc. Application No. 517 of 2021 (Delay) pending; listed for admission and final disposal on October 21, 2021
SAT matter SATV-5BE5BCA6D19B960C6262960F
Call on March 27, 2026
Appeal: Appeal No. 46 of 2026 with Misc. Application No. 161 of 2026 pending; adjourned to March 27, 2026
SAT matter SATV-6C5E72CE0A2A395C20849108
List Appeal No. 43 of 2021 and Appeal No. 379 of 2021 for admission and final disposal on October 21, 2021 · Parties to take instructions from Registrar 48 hrs before fixed date on video conference vs physical hearing
Appeal: Appeal No. 43 of 2021 and Appeal No. 379 of 2021 with Misc. Application No. 517 of 2021 (Delay Application) pending; listed for admission and final disposal on October 21, 2021
SAT matter SATV-75F39002B84B3CE20CA025CC
By consent, matter to be called on March 5, 2026
Appeal: Appeal No. 46 of 2026 with Misc. Application No. 161 of 2026 pending before SAT; adjourned by consent to March 5, 2026 vide order dated 27.02.2026
SAT matter SATV-76952FB9BE63015A8D0145EF
Adjournment granted at appellant request; matter called on March 23, 2026
Appeal: Appeal No. 46 of 2026 with Misc. Application No. 161 of 2026 pending before SAT; adjourned to March 23, 2026 vide order dated 13.03.2026
SAT matter SATV-91DB77792F6CC2B165AE7BD4
Respondent to file reply to delay application within 10 days · Appellant may file rejoinder within two weeks thereafter
Appeal: Appeal No. 378 of 2021 with Misc. Application No. 517 of 2021 (Delay Application) pending; delay not condoned; listed on June 28, 2021
SAT matter SATV-A6DDAD5B9BC1D39E463ADBC6
List for admission on March 13, 2026
Appeal: Appeal No. 46 of 2026 with Misc. Application No. 161 of 2026 - order dated 05.03.2026 posting matter for admission on 13.03.2026 (pending)
37 entities acting as group portrayed fraudulent preferential allotment as genuine and offloaded shares post lock-in to defraud genuine shareholders for illegal profits.
Debarred from accessing securities market for 10 years from completion of disgorgement · Restrained from dealing in securities in any manner for 10 years
Appeal: Appeals No.393/2018,394/2018,408/2018,71/2019,256/2019 heard on 09.10.2019, decided on 18.10.2019 against common WTM order
SAT matter SATV-534A05D42135229289C034DC
Adjourned at the respondent's request · List the appeal on 28 June 2021
Appeal: Appeal No. 43 of 2021 adjourned on 20 May 2021 and listed for 28 June 2021; no final disposal stated
Acting in concert with 32 entities to stage fraudulent preferential allotment in SMS Techsoft, pump via SMS tips and offload for illegal profits; failure to comply with interim/confirmatory escrow deposit directions.
Appeal: Current: Appeal No. 43 of 2021 and Appeal No. 379 of 2021 with Misc. App. 517 of 2021 decided together on 14.12.2021; Prior: Appeal 182/2018 dismissed as withdrawn on 14.06.2018; Appeal 393/2018 decided 18.10.2019 affirming violation, modifying joint liability
37 entities acting together as group portrayed fraudulent transactions as genuine preferential allotment and offloaded shares post lock-in to earn illegal profits.
Debarred from accessing securities market directly or indirectly for 10 years from completion of disgorgement · Restrained from dealing in securities market in any manner for 10 years
Appeal: Appeal Nos. 393/2018, 394/2018, 408/2018, 71/2019, 256/2019 against common WTM order; heard 09.10.2019, decided 18.10.2019
SAT matter SATV-70A464CFE7A62949D5C41C7A
Review Application No. 6 of 2020 dismissed as not pressed · Misc. Application No. 296 of 2020 dismissed as not pressed
Appeal: Review Application No. 6 of 2020 and Misc. Application No. 296 of 2020 in Appeal No. 393 of 2019 dismissed as not pressed on 06.10.2020
37 entities acting as group portrayed fraudulent preferential allotment as genuine and offloaded shares post lock-in to earn illegal profits in SMS Techsoft scrip.
Debarred from accessing securities market directly/indirectly for 10 years from completion of disgorgement · Restrained from dealing in securities market in any manner for 10 years
Appeal: Appeal Nos. 393/2018, 394/2018, 408/2018, 71/2019, 256/2019 heard 09.10.2019, decision 18.10.2019 against common WTM order; final SAT disposal not in excerpt
SAT matter SATV-CEC89D45A137C05DCA60111E
List appeal on May 20, 2021 · Parties to take instructions from Registrar 48 hrs before fixed date on VC vs physical hearing
Appeal: Appeal No. 43 of 2021 (Mahavirsingh N. Chauhan vs SEBI) - pending, adjourned to May 20, 2021 vide order dated 21.04.2021
SAT matter SATV-E638099A3275B08494D1D6A7
Exemption Application No.161 of 2026 allowed and disposed of · Appeal No.46 of 2026 dismissed as not maintainable - no impugned order under Section 15T
Appeal: Appeal No.46 of 2026 dismissed on 27 Mar 2026 as not maintainable; prior Appeal No.393 of 2018 disposed on 18 Oct 2019

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Source: SecMarx — Mahavirsingh N. Chauhan. 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.