Manish Bagrodia

SAT-appeal

• Alleged fraudulent GDR scheme involving undisclosed pledge and loan agreements, use of GDR proceeds to fund the sole subscriber, and misleading disclosure that the issue was fully subscribed by six entities.
  Appeals challenged the AO order dated 28 May 2021 imposing monetary penalties. · Tribunal rejected the appellants' defenses and upheld the findings concerning the fraudulent GDR scheme and disclosure violations.
  Appeal: Appeal Nos. 716 of 2021 and 717 of 2021 decided by SAT on 19 July 2022; appellants' contentions rejected.
• Violation arising from non-disclosure of the loan and pledge agreement connected with the Company's GDR issue, including whether the GDRs were issued for proper consideration and whether appropriate disclosures were made.
  WTM findings of violation affirmed · Company's debarment from accessing the securities market reduced to one year
  Appeal: Appeal Nos. 280 and 281 of 2022 partly allowed by SAT decision dated 19 July 2022.
• SAT matter SATV-08FD5E36D8679BC6D0033CE6
  Delay in filing both appeals condoned · Miscellaneous applications allowed
  Appeal: Appeal Nos. 280 and 281 of 2022 were heard together against a common SEBI order; order reserved on 15 June 2022
• Alleged fraudulent GDR financing scheme involving undisclosed pledge and loan agreements, misleading disclosure of full subscription, and concealment that one entity solely subscribed to the issue.
  Appeals against the AO order dated 28 May 2021 were heard; the excerpt records rejection of the appellants’ contentions and upholds the findings of violation.
  Appeal: Appeal Nos. 716 of 2021 and 717 of 2021; hearing on 1 June 2022 and decision dated 19 July 2022. The excerpt does not state the final operative disposal beyond rejecting the appellants’ contentions.
• SAT matter SATV-43D849C8DD7EFB1B04E32AD9
  Order reserved · Written submissions, if any, may be filed within two weeks from 1 June 2022
  Appeal: Appeal Nos. 716 of 2021 and 717 of 2021 were heard by SAT on 1 June 2022; order reserved. No disposal on merits stated.
• SAT matter SATV-E9A3B1A04B1B7B20FFBB4D10
  Dismissed for want of prosecution for non-appearance of appellants · Parties to act on digitally signed copy sent by fax and/or email
  Appeal: Appeal No. 594 of 2021 dismissed for want of prosecution on 08.09.2021
• SAT matter SATV-F8A8AE1236CAD8EA0DCE9F65
  Delay in filing appeals condoned and Misc. Applications allowed · Appeal No.280 of 2022 and Appeal No.281 of 2022 taken up together as against common order
  Appeal: Misc. Application No.450 of 2022 with Appeal No.280 of 2022 and Misc. Application No.451 of 2022 with Appeal No.281 of 2022 - delay condoned, heard, order reserved on 15.6.2022
• Non-disclosure of loan and pledge agreement in GDR issue; whether GDRs issued with proper consideration and appropriate disclosures.
  Affirmed WTM finding of violations by Company · Reduced debarment of Company from 3 years to 1 year
  Appeal: Appeal Nos. 280 and 281 of 2022 partly allowed by SAT decision dated 19 July 2022 (hearing 15 June 2022)
• SAT matter SATV-DBA71287B4BED0818CB1AEC3
  Order reserved after hearing learned counsel for parties · Written submissions, if any, may be filed within two weeks
  Appeal: Appeal No. 716 of 2021 (Winsome Yarns Ltd.) and Appeal No. 717 of 2021 (Manish Bagrodia) heard on 01.06.2022; order reserved