Mahesh Somabhai Desai

SAT-appeal

• SAT matter SATV-07B30C969ACF7B7645B11F45
  Matters heard and order reserved
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 were heard; order reserved on 26 April 2021.
• Appeals against an impugned SEBI order alleging violation of the SEBI PFUTP Regulations through trading in the concerned scrip during the investigation period.
  Miscellaneous Application No. 72 of 2021 for additional evidence was allowed. · Appellant to deposit costs of Rs. 20,000 with the Registrar.
  Appeal: Appeal Nos. 265 and 267 to 276 of 2019 were pending before SAT; final disposal was listed for 26 April 2021. Misc. Application No. 72 of 2021 was allowed.
• SAT matter SATV-15ED6A025A92CEA0390911CB
  Order reserved after hearing the parties · Parties directed to act on the digitally signed copy of the order
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 heard; order reserved on 26 April 2021
• SAT matter SATV-14F51BA43697945DB5FFC298
  SEBI to file objection/reply to Misc. Application No. 72 of 2021 within two weeks from 22 February 2021 · Appellant to file rejoinder, if any, within two weeks thereafter
  Appeal: Multiple connected appeals, including Appeal Nos. 265 and 267-276 of 2019, remained pending; Misc. Application No. 72 of 2021 sought additional evidence and was listed for orders on 19 March 2021.
• SAT matter SATV-1D7089F53FF0571B168A6D72
  Respondent to file objection/reply to Misc. Application No. 72 of 2021 within two weeks from 22 February 2021 · Appellant to file rejoinder, if any, within two weeks thereafter
  Appeal: Appeal Nos. 265 and 267-276 of 2019 were pending; Misc. Application No. 72 of 2021 in Appeal No. 265 of 2019 was directed to be replied to and listed for orders on 19 March 2021.
• SAT matter SATV-292636845E19A0A8101173CD
  Amendment to the memo of appeal was taken on record. · SEBI's reply to the amendment application was treated as an additional reply to the appeal memo.
  Appeal: Appeal Nos. 265, 267, 270-276 of 2019 were heard on 26 April 2021; order reserved. No disposal on merits stated.
• Appeals arose from an impugned order concerning alleged violations of the SEBI PFUTP Regulations in trading the scrip during the investigation period.
  Miscellaneous Application No. 72 of 2021 for additional evidence was allowed · Appellant to deposit costs of Rs. 20,000 with the Registrar
  Appeal: Appeal Nos. 267, 270, 271, 272, 273, 274, 275, 276 and 265 of 2019 were pending; final disposal was listed for 26 April 2021
• Alleged fraudulent and unfair trade practices in violation of Section 12A of the SEBI Act read with Regulations 3 and 4 of the PFUTP Regulations.
  Impugned AO order dated 16 November 2018 quashed. · Matters remitted to the AO for fresh decision after giving appellants opportunity to file replies and contest.
  Appeal: Appeal Nos. 36, 37, 38, 39 and 52 of 2022 allowed on 29 August 2022; impugned order quashed and matters remitted.
• Appeals arose from an impugned order concerning alleged violations of the SEBI PFUTP Regulations. The appellants disputed that their trading constituted an unfair trade practice.
  Miscellaneous Application No. 72 of 2021 for additional evidence was allowed. · Appellant directed to deposit costs of Rs. 20,000 with the Registrar.
  Appeal: Appeal Nos. 265, 267, and 270-276 of 2019 were pending; the order dated 19 March 2021 allowed additional evidence in Misc. Application No. 72 of 2021 and listed the appeals for final disposal on 26 April 2021.
• SAT matter SATV-4BF6EF54510015B207C773C4
  Amendment in memo of appeal carried out · Respondent reply to amendment to be treated as additional reply to memo of appeal
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 heard on 26.04.2021; order reserved with no final disposal in this order
• Alleged fraudulent and manipulative scheme involving artificial price/volume creation, unsolicited bulk SMS recommending Timbor Home Ltd. shares, and subsequent dumping of shares on induced investors.
  Miscellaneous Application No. 934 of 2022 allowed and documents taken on record · Appeal Nos. 45 and 46 of 2022 dismissed
  Appeal: Appeal Nos. 45 and 46 of 2022 dismissed by SAT on 27 September 2022 with no order as to costs.
• SAT matter SATV-38EC7614ECF4023F7926B14D
  Respondent to file objection/reply to Misc. Application No.72 of 2021 within two weeks · Appellant to file rejoinder, if any, within two weeks thereafter
  Appeal: Appeal Nos. 267, 270, 271, 272, 273, 274, 275, 276 and 265 of 2019 pending before SAT; Misc. Application No.72 of 2021 for additional evidence; listed for orders on 19 March 2021, no final disposal on 22 February 2021
• SAT matter SATV-54E29ECDBEC985D58209E8B0
  Amendment in memo of appeal carried out · Respondent's reply to amendment application to be treated as additional reply to memo of appeal
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 heard on 26.04.2021; order reserved
• Aiding Timbor Home promoter group in offloading shares via intermediaries acting in concert and inducing gullible investors with misleading advice.
  Findings in WTM order dated November 20, 2020 upheld · Matter remitted to WTM, SEBI for recalculation of disgorgement as per law
  Appeal: Appeal No.47 of 2022 with Misc. Application No.1226 of 2022 allowed in part on 29 January 2026; findings upheld, remanded for disgorgement recalculation
• Alleged unfair trade practice in trading of scrip in question during investigation period in violation of SEBI (PFUTP) Regulations.
  Misc. Application No. 72 of 2021 in Appeal No. 265 of 2019 allowed on payment of costs · Appellant to deposit costs of Rs. 20,000 before Registrar of Tribunal
  Appeal: Appeals Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 pending; Misc. Application No. 72 of 2021 allowed vide order dated 19.03.2021, listed for final disposal on 26.04.2021
• Alleged violation of Section 12A(a),(b),(c) read with Regulations 3 and 4 of PFUTP Regulations, 2003 for fraudulent and unfair trade practices.
  Impugned AO ex-parte order quashed and Appeals No. 36,37,38,39,52 of 2022 allowed · Matters remitted to AO to decide afresh after giving opportunity to file replies and contest
  Appeal: Appeal Nos. 36,37,38,39,52 of 2022 allowed on 29.08.2022; prior Appeal No.123 of 2019 allowed on 07.11.2019 with remand for fresh SCN
• Connected entities in concert inflated Timbor Home Ltd price via small buys, sent misleading bulk SMS buy recommendations, then dumped shares on gullible investors in violation of PFUTP Regs 3, 4.
  Appeal No. 45 of 2022 and Appeal No. 46 of 2022 dismissed · AO penalty of Rs.5 lacs on each noticee confirmed
  Appeal: Appeal Nos. 45 and 46 of 2022 against AO order dated 23.03.2021 dismissed on 27.09.2022; Misc. Application No. 934 of 2022 allowed
• SAT matter SATV-86D5970998B3790C12D79552
  Respondent SEBI to file objection/reply to Misc. Application No.72 of 2021 · Appellant may file rejoinder, if any, after respondent reply
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 pending; Misc. Application No.72 of 2021 pending; listed for orders on 19 March 2021
• SAT matter SATV-976645EEA59CB36A67CCEFE3
  Amendment in memo of appeal carried out · Respondent reply to amendment treated as additional reply to memo of appeal
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 heard on 26.04.2021; order reserved, not disposed
• Alleged unfair trade practice in trading of scrip in question in violation of SEBI (PFUTP) Regulations
  Misc. Application No. 72 of 2021 in Appeal No. 265 of 2019 allowed; additional research reports permitted · Appellant to pay costs of Rs. 20,000 to Registrar and amend memo of appeal
  Appeal: Appeal Nos. 265,267,270-276 of 2019 pending; Misc. Application allowed, listed for final disposal on 26 April 2021
• SAT matter SATV-B3A3C1A057DC3F237486B2CF
  Amendment in memo of appeal carried out · SEBI reply to amendment to be treated as additional reply to memo of appeal
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 heard on 26.04.2021; order reserved
• Alleged violation of the SEBI PFUTP Regulations through trading in the concerned scrip during the investigation period, asserted by SEBI to constitute an unfair trade practice.
  Miscellaneous Application No. 72 of 2021 for additional evidence allowed · Appellant to deposit costs of Rs. 20,000 with the Registrar within two weeks from 19 March 2021
  Appeal: Appeal Nos. 265, 267, and 270-276 of 2019 were pending before SAT; Miscellaneous Application No. 72 of 2021 was allowed. Final disposal was listed for 26 April 2021.
• SAT matter SATV-D679732AD564EC5605C56BAE
  Amendment carried out in memo of appeal · Respondent's reply to amendment application to be treated as additional reply to memo of appeal
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 heard on 26.04.2021; order reserved, no final disposal
• SAT matter SATV-E9358AA8FC9796A098C8C168
  Respondent SEBI to file objection/reply to Misc. Application No.72 of 2021 within two weeks · Appellant to file rejoinder, if any, within two weeks thereafter
  Appeal: Appeal Nos. 267, 270, 271, 272, 273, 274, 275, 276 and 265 of 2019 pending before SAT; Misc. Application No.72 of 2021 in Appeal No.265 of 2019 for additional evidence; listed for orders on 19 March 2021
• Alleged fraudulent and unfair trade practices violating Section 12A SEBI Act read with Regulations 3-4 PFUTP Regulations; specific scrip/trades not detailed in SAT order
  Impugned AO ex-parte order quashed · Appeal Nos. 36, 37, 38, 39 and 52 of 2022 allowed
• Alleged violation of the SEBI (PFUTP) Regulations through trading in the relevant scrip during the investigation period, allegedly amounting to unfair trade practice.
  Miscellaneous Application No. 72 of 2021 for additional evidence allowed · Appellant directed to deposit Rs. 20,000 as costs before the Registrar within two weeks from 19 March 2021
  Appeal: Appeal Nos. 267, 270, 271, 272, 273, 274, 275, 276 and 265 of 2019 were pending before SAT; Misc. Application No. 72 of 2021 in Appeal No. 265 of 2019 was allowed. Final disposal listed for 26 April 2021.
• Violation of PFUTP Regulations 3(a)-3(d), 4(1), 4(2)(a) and 4(2)(g) relating to fraudulent and unfair trade practices
  Dismissal of Appeal No. 49 of 2022 and Misc. Application No. 19 of 2022 on ground of laches / inordinate delay · No order as to costs
  Appeal: Appeal No. 49 of 2022 with Misc. Application No. 19 of 2022 filed Jan 2022 against AO order 29 March 2019; dismissed as time-barred on 04.02.2022
• SAT matter SATV-F019E56FFF628D04C1F9E000
  Respondent SEBI to file objection/reply to Misc. Application No.72 of 2021 within two weeks · Appellant to file rejoinder, if any, within two weeks thereafter
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 pending before SAT; Misc. Application No.72 of 2021 pending; listed for orders on 19 March 2021 per order dated 22 February 2021, not disposed
• SAT matter SATV-65C266C9C039572C9D246E99
  Amendment to the memo of appeal was carried out. · SEBI’s reply to the amendment application was treated as an additional reply to the memo of appeal.
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 were heard; order reserved on 26 April 2021.
• SAT matter SATV-5175DBBB3A68FDEC59DC4E3B
  Respondent SEBI to file objection/reply to Misc. Application No.72 of 2021 · Appellant permitted to file rejoinder thereafter
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 pending before SAT; Misc. Application No.72 of 2021 in Appeal No.265 of 2019 for additional evidence; next listing for orders on 19 March 2021
• SAT matter SATV-72B4701E7EF815A9A00CD6B1
  Respondent to file objection/reply to Misc. Application No.72 of 2021 within two weeks · Appellant may file rejoinder, if any, within two weeks thereafter
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 pending before SAT; Misc. Application No.72 of 2021 pending; next listing 19 March 2021
• SAT matter SATV-6D2BC8D707C63E77EC6FA9AC
  Respondent SEBI to file objection/reply to Misc. Application No.72 of 2021 within two weeks · Appellants may file rejoinder, if any, within two weeks thereafter
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 pending; Misc. Application No.72 of 2021 in Appeal 265/2019 pending, listed for orders on 19 March 2021; no final disposal on 22 Feb 2021
• Group indulged in extensive matched trades and self trades in Shree Global Tradefin Ltd in manipulative manner amounting to fraud and unfair trade practice.
  Second show cause notice dated July 20, 2017 quashed · Impugned AO order dated October 25, 2018 quashed
  Appeal: Appeal Nos. 102,122,193,268,269 of 2019 allowed by SAT order dated 14.11.2019 (reserved 05.11.2019)
• Alleged violation of SEBI (PFUTP) Regulations for unfair trade practice in trading scrip during investigation period.
  Misc. Application No. 72 of 2021 in Appeal No. 265 of 2019 allowed · Appellant to deposit costs of Rs. 20,000 before Registrar within two weeks from 19.03.2021
  Appeal: Appeal Nos. 267, 270, 271, 272, 273, 274, 275, 276 and 265 of 2019 pending before SAT; Misc. Application No. 72 of 2021 allowed vide order dated 19.03.2021; appeals listed for final disposal on 26.04.2021
• Alleged price manipulation in Shree Global Tradefin Ltd scrip by buyers placing buy orders above LTP matched with sellers to inflate price.
  Appeals No.711 and 712 of 2022 allowed only on ground of delay · Pending interlocutory applications disposed of with no costs
  Appeal: Appeal Nos.711 and 712 of 2022 allowed on 08.05.2026 against AO order dated 31.05.2022; heard and reserved on 17.04.2026
• Alleged unfair trade practice in trading of scrip during investigation period in violation of SEBI (PFUTP) Regulations.
  Misc Application 72 of 2021 allowed; research reports permitted on record · Costs Rs 20,000 to be deposited before Registrar of Tribunal
  Appeal: Misc Application 72 of 2021 in Appeal 265 of 2019 allowed on 19.03.2021; Appeal Nos 265,267,270-276 of 2019 pending, listed for final disposal 26.04.2021
• SAT matter SATV-9D724C45A62DC1FDF3F58292
  Appeal No.282 of 2019 and Misc. Application No.470 of 2019 dismissed as not pressed · Appellant to pay penalty amount as per impugned order before authority concerned within four weeks
  Appeal: Appeal No.282 of 2019 with Misc. Application No.470 of 2019 dismissed as not pressed on 5 November 2019
• Alleged violation of Section 12A SEBI Act read with Regulations 3 and 4 PFUTP Regulations for fraudulent and unfair trade practices.
  Impugned AO ex-parte order quashed, appeals allowed · Matters remitted to AO to decide afresh after allowing replies and contest
  Appeal: Appeal Nos. 36, 37, 38, 39, 52 of 2022 allowed on 29.08.2022; impugned AO order quashed and remanded
• SAT matter SATV-ED35EE03DE6CB7060875D504
  Order reserved after hearing parties · Parties to act on digitally signed copy sent by fax and/or email
  Appeal: Appeal Nos. 265, 267, 270, 271, 272, 273, 274, 275, 276 of 2019 heard on 26.04.2021 - order reserved