Mr. Peeyush Kumar Aggarwal
Penalties and directions recorded
- Company debarment from securities market until/two years after bringing back money upheld
- Debarment of Peeyush Agarwal and Karun Jain reduced from 5 years to period undergone
- Company AO penalty Rs 10 crore reduced to Rs 25 lakh
- Director penalties Rs 10 lakh each on Karun Jain and Peeyush Agarwal affirmed
- Company debarred from securities market till money brought back (+2 years) upheld
SAT-appeal
- Sole-subscriber GDR funded by Banco loan against pledged GDR proceeds concealed from BSE; USD 8.90m proceeds diverted, misleading announcement.Violation affirmed; company direction to bring back USD 8.90 million upheld · Company debarment from securities market until/two years after bringing back money upheldAppeal: Appeal Nos 159,160,161,162,163 of 2022 with Misc Apps 985,1140,1163,1238,1428 of 2021 decided 27.09.2023; partly allowed to reduce penalty/debarment
- GDR subscribed solely by Clifford via Banco loan secured by company pledge; non-disclosure to BSE and diversion of USD 8.90 mn GDR proceeds, misleading announcement.Violation affirmed; company to bring back USD 8.90 million upheld · Company debarred from securities market till money brought back (+2 years) upheldAppeal: Appeal Nos. 159,160,161,162,163 of 2022 with Misc. Appl. 985,1140,1163,1238,1428 of 2021 disposed on 27.09.2023
- GDR fraud: sole subscription by Clifford via Banco loan secured by company pledge, non-disclosure of Credit/Account Charge agreements and diversion of USD 8.90m.Violation affirmed; direction to company to bring back USD 8.90 million upheld · Company debarment from securities market upheld till/2 years from bringing back money
- Concealment of Credit and Account Charge Agreements; sole GDR subscription by Clifford via Banco loan; diversion of USD 8.90 mn proceeds and misleading BSE announcement.Violation affirmed; direction to company to bring back USD 8.90 million upheld · Company debarment till money brought back upheldAppeal: Appeal Nos. 159, 160, 161, 162, 163 of 2022 disposed on 27.09.2023 (hearing 15.09.2023): partly allowed to reduce debarment/penalty, rest dismissed
- Alleged concealment and suppression of material facts relating to loan and account charge/pledge agreements connected with the GDR issue, diversion of US$8.90 million, and misleading investors about the number of GDR subscribers.Direction to MPS to bring back US$8.90 million raised through the GDR issue upheld · MPS debarment from securities-market access until bringing back the money, with a further two-year period from the date of bringing back the money, upheldAppeal: Appeal Nos. 159 to 163 of 2022 disposed by SAT decision dated 27 September 2023; violations affirmed, debarment periods reduced for two appellants, and company penalty reduced to Rs.25 lakh.
Other
- SAT matter SATV-888DB65B87F30F3A1FED7E88Heard counsel for parties; order reservedAppeal: Appeal Nos. 159, 160, 161, 162, 163 of 2022 with Misc. Applications 985, 1140, 1163, 1238, 1428 of 2021 heard on 15.09.2023; order reserved, appeals not disposed
Source: SecMarx — Mr. Peeyush Kumar Aggarwal. 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.