Mr. Kamlendra Chunilal Joshi

6 matters before the Securities Appellate Tribunal

Penalties and directions recorded

NTL and directors including appellants jointly and severally to refund NCD money with 15% p.a. compounded half-yearly till payment
NTL and appellants with other directors to jointly and severally refund NCD money with 15% p.a. interest compounded half-yearly till payment
Finding that appellants are officers in default upheld per judgment dated April 16, 2019
NTL and directors jointly-severally to refund NCD collections with 15% p.a. interest compounded half-yearly till payment

SAT-appeal

NTL offered and issued NCDs in FY 2013-14 for Rs.5.96 crores to 341 persons constituting deemed public issue under Section 67 without compulsory listing under Section 73(1); directors jointly and severally liable.
SAT dismissed Appeal Nos. 227/2016, 228/2016, 156/2017, 159/2017 confirming WTM order dated June 2, 2016 · Restrained from accessing securities market and buying, selling or dealing in securities directly or indirectly with immediate effect
Appeal: Appeal Nos. 227/2016, 228/2016, 156/2017 with Misc. Appl. 90-91/2018 and 159/2017 heard 27.03.2019, dismissed 16.04.2019; NTL Appeal No. 311/2016 already dismissed 28.04.2017
NTL offered NCDs in FY 2013-14 for Rs 5.96 cr to 341 persons, a deemed public issue under Sec 67 proviso, without compulsory listing under Sec 73(1) and Sec 56,60,117C compliance.
Appeals dismissed, WTM order dated June 2, 2016 upheld with joint and several liability · Restrained from accessing securities market and buying/selling/dealing directly or indirectly with immediate effect
Collecting monies through Non-Convertible Debentures (NCDs) in violation of public issue norms; held as officers in default under Section 5(g) of Companies Act, 1956.
Review Application No. 08 of 2019 and No. 09 of 2019 dismissed · Finding that appellants are officers in default upheld per judgment dated April 16, 2019
Neesa Technologies Ltd. offered and issued NCDs in FY 2013-2014 for Rs. 5.96 crores to 341 persons without compulsory listing, constituting deemed public issue violating Sections 56, 60, 73, 117C of Companies Act, 1956.
Restrain appellants from accessing securities market with immediate effect · Prohibit buying, selling or otherwise dealing in securities directly or indirectly
NTL offered and issued NCDs in FY 2013-14 for Rs 5.96 cr to 341 persons deemed public issue under Section 67 proviso without compulsory listing under Section 73(1) Companies Act 1956; directors jointly-severally liable.
Restrained from accessing securities market and prohibited from buying, selling or dealing directly/indirectly with immediate effect · Restrained from issuing prospectus, offer document or advertisement soliciting public money
Appeal: Appeal Nos 227/2016, 228/2016, 156/2017 with Misc Apps 90-91/2018 heard 27.03.2019 decided 16.04.2019 - held no merit; NTL Appeal No 311/2016 dismissed 28.04.2017
Violating public issue norms while collecting monies through Non-Convertible Debentures (NCDs) as officers in default
Review Application Nos. 08 of 2019 and 09 of 2019 dismissed
Appeal: Appeal Nos. 227 of 2016 and 228 of 2016 dismissed by SAT judgement dated 16 April 2019; Review Applications decided 21.02.2020 - dismissed

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Source: SecMarx — Mr. Kamlendra Chunilal Joshi. 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.