Mr. Pandoo Naig

SAT-appeal

• Failure by the merchant banker to carry out due diligence regarding statements in the prospectus for Paramount Printpackaging Limited's April 2011 IPO.
  Impugned adjudication order imposing penalty was quashed. · Appeal allowed.
  Appeal: Appeal No. 256 of 2023 decided and allowed by SAT on 5 June 2023.
• Alleged non-disclosure of important information in IPO and diversion of IPO proceeds for purposes other than stated in offer document.
  Appellant 4 and 5 may sell demat shares; proceeds in FD with nationalized bank · Withdrawal from FD only with prior permission of SEBI
  Appeal: Appeal No. 4 of 2013 disposed on 24.01.2013 with partial interim relief and time-bound directions to SEBI
• Failure to disclose by advertisement developments between RHP registration and allotment in Sept/Oct 2011 public issue violating Reg 60(4) ICDR and Sec 60B Companies Act, plus other violations in issue and subsequent trading.
  Appeals No. 17 and 18 of 2012 disposed of without interference, treated as reply to show cause notice · Board to consider reply expeditiously and pass clarification order on paras 14.4, 14.5, 14.7
  Appeal: Appeal Nos. 17 and 18 of 2012 disposed of on 20.01.2012; treated as SCN reply, Board to decide expeditiously
• Failure to disclose by advertisement developments between RHP registration and allotment and utilisation/diversion of IPO proceeds for objects other than RHP objects.
  Declined to intervene on merits as matter still under investigation involving many parties · Noted WTM clarification of para 14.5 permitting existing underwriting obligations; retained escrow direction in para 14.7 pending inquiry
• Alleged sudden spike in revenues and expenses of OCAL with related entities Dealmoney Securities and Dealmoney Distribution and E-marketing.
  Exchanges/Depositories not to alter Appellant No.1 fit and proper status till further orders · Reject stay of paras 90.1-90.2 restraint from market and Director/KMP bar
  Appeal: Appeal No.184 of 2025 against WTM order dated 28.03.2025; interim relief decided 02.05.2025, final appeal pending
• Prima facie related party transactions including with subsidiaries between FY 2017-18 and FY 2022-23 in breach of LODR and statutory provisions
  Sustained interim direction at paragraph 124(a) of WTM order dated 21.10.2024 · Modified para 124(b): Appellant Nos.2-3 restrained as Director/KMP only in Appellant No.1, not in other or subsidiary companies
  Appeal: Appeal No. 653 of 2024 under Section 15T disposed of by SAT final order dated 25.11.2024