Meenaben Natubhai Thakkar and 7 others

SAT-appeal

• 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.
• 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
• 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