Mr. B. R. Rakhecha

6 matters before the Securities Appellate Tribunal

Penalties and directions recorded

WTM restrained Aksh Optifibre Ltd. and Kailash S. Choudhari from accessing the securities market for five years.
WTM restrained the other directors from accessing the securities market for six months.
AO imposed monetary penalties; the SAT appeals challenge the WTM and AO orders.
WTM: Company and Managing Director restrained from securities market for 5 years
WTM: Other directors restrained from securities market for 6 months

SAT-appeal

Fraudulent GDR issuance and misleading disclosures: the entire issue was subscribed by one entity using a loan secured by pledging GDR proceeds, without clear disclosure to investors, stock exchanges or shareholders.
WTM restrained Aksh Optifibre Ltd. and Kailash S. Choudhari from accessing the securities market for five years. · WTM restrained the other directors from accessing the securities market for six months.
Appeal: Appeal Nos. 534 and 535 of 2019, 438 to 440 of 2020; heard 28 January 2022 and decision dated 27 June 2022. Disposal outcome is not included in the provided text.
Fraudulent GDR scheme: USD 25 million issue subscribed solely by Vintage FZE via EURAM Bank loan secured by pledge of GDR proceeds, with misleading successful-closure disclosure.
WTM: Company and Managing Director restrained from securities market for 5 years · WTM: Other directors restrained from securities market for 6 months
Appeal: Appeals 534,535,536 of 2019 and 438,439,440 of 2020 heard 28.1.2022, decided 27.6.2022 together
Fraudulent GDR issuance where Vintage FZE solely subscribed USD 25 mn GDRs via EURAM Bank loan secured by pledge of GDR proceeds, misled investors.
WTM: restrained Aksh Optifibre Ltd and Managing Director from securities market for 5 years · WTM: restrained other directors from securities market for 6 months
Appeal: Appeal Nos. 534, 535, 536 of 2019 and 438, 439, 440 of 2020 heard 28.1.2022, decided 27.6.2022 together as common issue
Fraudulent GDR scheme for USD 25 million where Vintage FZE was sole subscriber funded by EURAM Bank loan secured by pledge of GDR proceeds, with misleading successful-issue disclosure.
WTM: Company and Managing Director restrained from accessing securities market for five years · WTM: Other Directors restrained from accessing securities market for six months
Appeal: Appeal Nos. 534, 535, 536 of 2019 and 438, 439, 440 of 2020 before SAT; hearing 28.1.2022, decision 27.6.2022, decided together
Fraudulent GDR scheme: USD 25 million issue solely subscribed by Vintage FZE via EURAM Bank loan secured by pledge of GDR proceeds, misleading success disclosure.
WTM restrained Aksh Optifibre Ltd and Managing Director from securities market for 5 years · WTM restrained other Directors from securities market for 6 months
Appeal: Appeal Nos. 534,535,536 of 2019 and 438,439,440 of 2020 heard together; hearing 28.1.2022, decision 27.6.2022; disposal reasoning truncated in excerpt
Fraudulent GDR scheme where sole subscriber Vintage FZE funded USD 25 mn subscription via EURAM Bank loan secured by pledge of GDR proceeds, with misleading disclosure of successful issue.
WTM restrained Aksh Optifibre Ltd. and Managing Director from securities market for five years · WTM restrained other Directors from securities market for six months
Appeal: Appeal Nos. 534, 535, 536 of 2019 and 438, 439, 440 of 2020 heard together; hearing 28.01.2022, decision 27.06.2022

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Source: SecMarx — Mr. B. R. Rakhecha. 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.