Mahender Singh Arora

SAT-appeal

• SAT matter SATV-0BAABF82F7C0606E12941DC3
  Delay in filing the appeal was condoned · Miscellaneous application for condonation of delay was allowed
  Appeal: Multiple appeals were heard together; order dated 03 January 2023 reserved. Appeals Nos. 554/2021, 555/2021, 657/2021, 373/2022, 633/2022, 634/2022 and 635/2022.
• Fraudulent GDR issuance: the entire issue was subscribed by Vintage using a Euram Bank loan secured by pledge of the GDR proceeds, while disclosures allegedly misled investors and omitted the financing and pledge arrangements.
  WTM market-access restraint against the company for three years · WTM market-access restraint against the Chairman and Managing Director for one year each
  Appeal: Appeal Nos. 554/2021, 555/2021, 657/2021, 373/2022, 633/2022 and 634/2022, with connected Misc. Application No. 929/2022; decision dated 21 February 2023. Appeal No. 635/2022 is also listed; the supplied text does not contain the final operative disposal.
• SAT matter SATV-1F0704585CBC3A8AB9073DDB
  Delay in filing the appeal was condoned and the relevant application was allowed · Matters were heard and orders were reserved
  Appeal: SAT Appeal Nos. 554 and 555 of 2021, 657 of 2021, 373 of 2022, 633 of 2022, 634 of 2022 and 635 of 2022 were heard; orders reserved on 3 January 2023. Miscellaneous Applications Nos. 917, 929, 930 and 948 of 2022 were also listed.
• Alleged fraudulent GDR issuance: the entire issue was subscribed by Vintage using a Euram Bank loan secured by pledge of the GDR proceeds, while disclosures to investors, stock exchanges and SEBI omitted or misstated these facts.
  Appeals against the WTM and AO orders were considered together; the impugned restraints and penalties were challenged as harsh and excessive.
  Appeal: Appeal Nos. 554 of 2021, 555 of 2021, 657 of 2021, 373 of 2022, 633 of 2022, 634 of 2022 and 635 of 2022 decided by SAT on February 21, 2023; Misc. Application No. 929 of 2022 also listed.
• SAT matter SATV-716499BA6AA5E8A75CCC842D
  Delay in filing of appeal condoned and application allowed · Arguments heard and order reserved
  Appeal: Appeal Nos. 554, 555, 657 of 2021 and 373, 633, 634, 635 of 2022 heard on 03.01.2023; delay condoned, order reserved
• SAT matter SATV-AEAA5962C7CF694484DF20F4
  Adjourned on request of learned counsel for the appellants · List on November 30, 2022
  Appeal: Appeal Nos. 533, 554, 555, 657 of 2021 and 373, 633, 634, 635 of 2022 adjourned; next hearing November 30, 2022
• Fraudulent GDR issue of USD 22.99 million subscribed solely by Vintage FZE via Euram Bank loan secured by pledge of GDR proceeds, with misleading closure announcement and non-disclosure of loan/pledge.
  WTM restrained Company from securities market for 3 years and Chairman and Managing Director for 1 year · WTM warned Euram Bank to ensure future dealings strictly in accordance with law
  Appeal: Appeal Nos. 554, 555, 657 of 2021 and 373, 633, 634, 635 of 2022 with Misc. Application 929 of 2022, reserved 03.01.2023, decided 21.02.2023
• SAT matter SATV-B6E5024540E1B6157B7EF41B
  All appeals in group adjourned and stood over to August 30, 2022 for admission and final disposal
  Appeal: Misc. Application No. 707 of 2021 and Appeal Nos. 533, 554, 555, 657 of 2021 and 373 of 2022 pending; adjourned to August 30, 2022 for admission and final disposal, not disposed
• SAT matter SATV-C855AD4532A19118CD7AFEAB
  Delay in filing appeal condoned, application allowed · Heard learned counsel for parties, order reserved
  Appeal: Appeal Nos. 554/2021, 555/2021, 657/2021, 373/2022, 633/2022, 634/2022, 635/2022 heard on 03.01.2023, order reserved
• SAT matter SATV-CEEF0B216609A72CDB8F4AF5
  Delay in filing of appeal condoned and application allowed · Heard counsel for parties; order reserved
• Fraudulent GDR issue of USD 22.99 mn subscribed solely by Vintage FZE via Euram Bank loan secured by pledge of GDR proceeds, with misleading successful-issue announcement and non-disclosure of loan/pledge and single subscriber.
  WTM restrained Company from securities market for 3 years and Chairman and Managing Director for 1 year each · WTM warned Euram Bank to ensure future dealings strictly in accordance with law
  Appeal: Appeal Nos. 554/2021, 555/2021, 657/2021, 373/2022, 633/2022, 634/2022, 635/2022 with Misc. Application 929/2022, reserved 03.01.2023, decided 21.02.2023
• SAT matter SATV-CF6FF1902DED635AE5C50AE6
  All appeals in group adjourned at request of counsel for appellant in Appeal No. 657 of 2021 · Stand over to August 30, 2022 for admission and for final disposal
  Appeal: Misc. Application No. 707 of 2021 and Appeal Nos. 533/2021, 554/2021, 555/2021, 657/2021, 373/2022 adjourned to August 30, 2022 for admission and final disposal
• SAT matter SATV-C73FC3EB6969D34AC9F83FD1
  Delay condoned and Misc. Application No. 654 of 2022 allowed · Appeal No. 373 of 2022 connected with Appeal No. 554 of 2021 Zenith Steel Pipes and Industries vs SEBI
  Appeal: Appeal No. 373 of 2022 with Misc. Application No. 654 of 2022 - delay condoned, pending, next listing August 5, 2022
• SAT matter SATV-CC1C395DD5B6060FF81CD88B
  All appeals adjourned and stood over to August 30, 2022 for admission and final disposal · Parties to act on digitally signed copy; certified copy available from Registry on payment
  Appeal: Appeal Nos. 533/2021, 554/2021, 555/2021, 657/2021 and 373/2022 with Misc. Application 707/2021 pending; adjourned, not disposed
• SAT matter SATV-D6DA9F767F51DB507648D5E7
  Connected with Appeal No. 554 of 2021 and listed on October 20, 2022 · Respondent may file reply within two weeks; rejoinder may be filed on or before next date
  Appeal: Misc. Application No. 948 of 2022 in Appeal No. 635 of 2022 pending; connected with Appeal No. 554 of 2021, next date 20.10.2022
• SAT matter SATV-E2323D56375FD03D00A1092D
  Delay in filing of the appeal condoned and application allowed · Heard learned counsel for parties and order reserved
  Appeal: Appeal Nos. 554, 555, 657 of 2021 and 373, 633, 634, 635 of 2022 heard on 03.01.2023; delay condoned; order reserved
• Fraudulent GDR issue of USD 22.99 million subscribed solely by Vintage FZE via Euram Bank loan secured by pledge of GDR proceeds, with misleading disclosure of successful issue.
  WTM restrained Company from accessing securities market for 3 years · WTM restrained Chairman and Managing Director from accessing securities market for 1 year each
  Appeal: Appeal Nos. 554,555,657/2021 and 373,633,634,635/2022 with MA 929/2022; reserved 03.01.2023 decided 21.02.2023
• SAT matter SATV-EB3C7CDCA3A58D2A76AD85FF
  Adjourned on the request of learned counsel for the appellant · List on December 20, 2022
  Appeal: Appeal Nos. 533/2021, 554/2021, 555/2021, 657/2021, 373/2022, 633/2022, 634/2022, 635/2022 adjourned on 30.11.2022, next date 20.12.2022
• SAT matter SATV-F8AF85E52B68574311CA0972
  All appeals in group adjourned and stood over to August 30, 2022 for admission and for final disposal
  Appeal: Appeal Nos. 533, 554, 555, 657 of 2021 and 373 of 2022 with Misc. Application No. 707 of 2021 adjourned on 05.08.2022, pending admission and final disposal
• SAT matter SATV-8E08B7CED3967BDFDC092A46
  Delay in filing of appeal condoned, application allowed · Matter heard, order reserved
• Fraudulent GDR issue of USD 22.99 million subscribed solely by Vintage FZE via Euram Bank loan secured by pledge of GDR proceeds, with misleading successful-issue disclosure.
  Company restrained from accessing securities market for 3 years per WTM order · Chairman and Managing Director restrained from securities market for 1 year per WTM order
• Fraudulent GDR issue of USD 22.99 million subscribed solely by Vintage FZE via Euram Bank loan secured by pledge of GDR proceeds, with misleading successful-closure disclosure.
  WTM: Company restrained from securities market for 3 years; Chairman and Managing Director for 1 year each · AO: Rs.10 crore penalty on Company and Rs.10 lakh each on Chairman and Managing Director
  Appeal: Appeal Nos. 554, 555, 657 of 2021 and 373, 633, 634, 635 of 2022 with Misc. Application 929/2022; reserved 03.01.2023, decided 21.02.2023 together