Mrs. Puloma D. Dalal

SAT-appeal

• Non-compliance with a disgorgement order requiring payment of unlawful gains and interest, leading to attachment of bank accounts for recovery.
  Shares in joint demat account no. 40333429 with Karvy Stock Broking Limited to remain attached. · Attachment on all other bank accounts of the appellants to be lifted forthwith.
  Appeal: Appeal No. 199 of 2013 disposed of on 17 January 2014; earlier appeal against the disgorgement order was dismissed by SAT on 12 November 2010, by the Supreme Court on 21 February 2011, and review was dismissed on 24 August 2011.
• Challenge to Recovery Officer demands for interest on disgorgement and penalty amounts arising from orders passed before Section 28A came into force.
  Appeal: Common decision in Appeal Nos. 41 of 2014, 313 of 2014, 314 of 2014, 315 of 2014, 400 of 2014, 392 of 2015 and 432 of 2015; decision dated 10 March 2017. The supplied text does not include the final operative disposal.
• Challenge to Recovery Officer demands for interest on disgorgement and penalty amounts arising from SEBI orders passed before 18 July 2013.
  Appeal: Appeal Nos. 41 of 2014, 313 of 2014, 314 of 2014, 315 of 2014, 400 of 2014, 392 of 2015 and 432 of 2015 were heard together; decision dated 10 March 2017. Earlier appeals against the Dalal disgorgement order were dismissed by SAT on 12 November 2010 and by the Supreme Court on 21 February 2011; review dismissed on 24 August 2011.
• SAT matter SATV-572CD205E3155BEAC06033D3
  Impugned order dated 21 March 2014 quashed and set aside · SEBI directed to dispose application dated 12 February 2014 by final order within 8 weeks from 29 April 2014
  Appeal: Appeal No. 71 of 2014 decided and disposed on 29.04.2014 with no order as to costs
• SAT matter SATV-7B5974EF5A04C3A3A7E2DF3C
  Misc. Application No.128 of 2017 disposed of · Appellants permitted to move SEBI seeking extension of stay granted on 10 March 2017 in Appeal No.41 of 2014
  Appeal: Misc. Application No.128 of 2017 in Appeal No.41 of 2014 disposed on 12.4.2017; extension of stay granted on 10 March 2017 sought
• SAT matter SATV-81E134B59435EA228CA459F3
  Appeal No. 340 of 2014 disposed of as infructuous as debarment already undergone · Attachment on all demat accounts except demat account no. 40333429 shall forthwith stand released
  Appeal: Appeal No. 340 of 2014 with Misc. Application No. 156 of 2014 disposed as infructuous on 06.09.2016
• IPO-related investigation (2003-2005 IPOs) leading to disgorgement of unlawful gains and penalties; dispute is RO levying interest on delayed payment of pre-18.07.2013 orders.
• Allegedly financed key operators Purushotam Budhwani and Sugandh to corner retail shares in ten IPOs via fictitious/benami applications and received shares/refunds as profit share
  Appeal dismissed; WTM order upheld · Restraint from buying/selling/dealing or accessing securities market for 45 days plus interim exclusion period
  Appeal: Appeal No. 182 of 2009 decided on 12.11.2010 - dismissed
• SAT matter SATV-5B77E236C3C62C20B809C184
  Corrected the demat account number in the SAT order dated 17 January 2014 from 40333429 to 40033429 · Miscellaneous Application disposed of with no order as to costs
  Appeal: Miscellaneous Application No. 191 of 2016 in Appeal No. 199 of 2013 disposed of on 21 September 2016
• SAT matter SATV-60BD1372D025849C489EDA5B
  Correct demat Account No. in para 3 of Order dated 06/09/2016 from 40333429 to 40033429 · Misc. Application No.192 of 2016 disposed of with no order as to costs
  Appeal: Misc. Application No.192 of 2016 in Appeal No.340 of 2014 disposed on 21/09/2016
• Whether Section 28A SEBI Act imposes interest for failure to pay amounts under Section 28A in time and if it applies to interest on disgorgement/penalty orders passed prior to 18.07.2013.
  Appeal: Lead Appeal No.41 of 2014 with Nos.313,314,315,400 of 2014 and 392,432 of 2015 heard together; prior appeals against 21.07.2009 order dismissed by SAT on 12.11.2010, Supreme Court on 21.02.2011, Review on 24.08.2011; Appeal No.199 of 2013 disposed on 17.01.2014 permitting present appeal.
• Whether Sec 28A SEBI Act permits Recovery Officer to demand interest on disgorgement/penalty due under orders passed prior to 18.07.2013 till payment.
  Appeal: WTM order 21.07.2009 appeals dismissed by SAT on 12.11.2010; Supreme Court dismissed appeal 21.02.2011; Review dismissed 24.08.2011; Appeal 199/2013 disposed 17.01.2014
• Acting as financiers to key IPO operators to corner shares in IPOs during 2003-2005 and making unlawful gains at cost of retail investors.
  Appeal: Appeal No.184 of 2011 decided on 4.10.2012; SAT confined to natural justice issue, merits not considered
• SAT matter SATV-A95F9421C2A53DCE02BFCCB9
  New AO to pass fresh order on inspection/cross-examination application without being influenced by 16 Apr 2013 and 11 Nov 2013 communications · New AO to thereafter pass final order on SCN/supplementary SCN after giving opportunity of hearing to appellants
  Appeal: Appeal No. 208 of 2013 disposed on 29.04.2014 with no order as to costs
• IPO-related violations (2003-2005) leading to disgorgement/penalty orders; dispute is RO demanding interest on delayed payment of pre-18.07.2013 orders under Section 28A.
  Appeal: Appeal Nos. 41/2014, 313/2014, 314/2014, 315/2014, 400/2014, 392/2015, 432/2015; Order Reserved On 08.02.2017, Date of Decision 10.03.2017