P. K. Bansal

SAT-appeal

• Failure to wind up the close-ended venture capital fund within its permitted tenure and provide exit to investors, allegedly violating Regulation 23(1)(a) and the SEBI circular dated 18 December 2014.
  Appeals challenged the WTM directions requiring winding up of the Fund and investor exit, plus one-year market-access and intermediary-association restraints. · Interim stay dated 23 January 2023 stayed the debarment directions in paragraphs 37.3 and 37.4.
  Appeal: Appeal Nos. 93 to 99 of 2023 were heard on 8 November 2023 and decided on 22 November 2023; the excerpt does not state the final disposal outcome.
• Failure to wind up a close-ended venture capital fund within its permitted tenure and provide investors an orderly exit, allegedly violating Regulation 23(1)(a), Regulation 29 and SEBI circular dated 18 December 2014.
  Seven appeals were heard against the WTM order dated 31 October 2022. · Fund winding-up and investor-exit directions had been complied with; appeal remained confined to debarment and association restrictions.
  Appeal: Appeal Nos. 93 to 99 of 2023; hearing on 8 November 2023 and decision dated 22 November 2023. The extracted text does not include the final operative disposal directions.
• SAT matter SATV-2331ABBA9F2124BA714B1E69
  Order reserved after hearing counsel for the parties
  Appeal: Appeal Nos. 93, 94, 95, 96, 97, 98 and 99 of 2023 were heard; order reserved on 08 November 2023
• SAT matter SATV-35BDE70B282BD2D81CA04F8E
  Adjourned due to non-availability of the bench · List all matters on 1 November 2023
  Appeal: Appeal Nos. 93, 94, 95, 96, 97, 98 and 99 of 2023 were adjourned on 16 October 2023 and listed for 1 November 2023.
• SAT matter SATV-45F6742FB436C4C80F1ADA8C
  Order reserved after hearing counsel for the parties
  Appeal: Appeal Nos. 93,94,95,96,97,98,99 of 2023 with Misc. Applications heard on 08.11.2023; order reserved, no disposal yet
• SAT matter SATV-680648C297DE069D9270DE8C
  List on July 6, 2023 · Parties to act on digitally signed copy; certified copy available from Registry on payment
  Appeal: Appeal Nos. 93, 94, 95, 96, 97, 98, 99 of 2023 pending; listed on July 6, 2023 vide order dated 23.06.2023
• SAT matter SATV-75A29AD91ED3B43DCFF1260A
  List on October 16, 2023
  Appeal: Appeal Nos. 93, 94, 95, 96, 97, 98 and 99 of 2023 pending before SAT; adjourned to 16 October 2023
• SAT matter SATV-8CFB3681FE965D73A0983F3E
  Heard counsel for parties; order reserved
  Appeal: Appeal Nos. 93, 94, 95, 96, 97, 98, 99 of 2023 heard on 08.11.2023; order reserved, not disposed
• SAT matter SATV-B3CCBBEF350C074A462B148B
  Heard counsel for parties, order reserved
  Appeal: Appeal Nos. 93-99 of 2023 heard on 08.11.2023; order reserved, no disposal yet
• Failure to wind up close-ended VCF scheme Urban Infrastructure Opportunities Fund after tenure expiry, extending tenure and delaying exit to investors in violation of VCF Regulations.
  Wind up Scheme by providing exit to investors within 3 months via two independent valuations and NAV at higher value · Offer in-specie distribution first, then cash exit on NAV basis
• Failure to wind up close-ended Urban Infrastructure Opportunities Fund after tenure expiry and extending tenure in alleged violation of Regulation 23(1)(a) VCF Regulations.
  Wind up Scheme by providing exit to investors within 3 months via two independent valuations and NAV as higher of two · Offer in-specie distribution first, then cash exit on NAV basis
  Appeal: Appeal Nos. 93, 94, 95, 96, 97, 98, 99 of 2023 with Misc. Appl. Nos. 132, 156, 594, 609, 600 of 2023 heard on 08.11.2023, decided on 22.11.2023; interim order dated 23.01.2023 stayed debarment directions.
• SAT matter SATV-ACBF371F4BF3B531907A22CE
  Order reserved after hearing counsel for parties
  Appeal: Appeal Nos. 93, 94, 95, 96, 97, 98, 99 of 2023 heard on 08.11.2023 - order reserved, no disposal yet
• SAT matter SATV-B68D8F69812A38F7F746F5BB
  Heard counsel for parties and reserved order on 08.11.2023
  Appeal: Appeal Nos. 93, 94, 95, 96, 97, 98 and 99 of 2023 heard on 08.11.2023; order reserved, not finally disposed
• Failure to wind up Urban Infrastructure Opportunities Fund scheme after tenure expiry, violating Reg 23(1)(a) VCF Regulations and 2014 circular.
  WTM: wind up scheme with exit to investors within 3 months via two independent valuations and higher NAV · WTM: offer first in-specie distribution of investee interests, then cash exit at NAV
  Appeal: Appeal Nos. 93,94,95,96,97,98,99 of 2023 with Misc. Applications 132,156,594,609,600 of 2023 against WTM common order dated 31 Oct 2022; interim stay 23 Jan 2023; decision 22 Nov 2023
• Failure to wind up close-ended Urban Infrastructure Opportunities Fund after tenure expiry, violating Regulation 23(1)(a) VCF Regulations.
  Wind up Fund scheme with exit to investors within 3 months via two independent valuations and higher NAV · Provide exit first by in-specie distribution, balance on NAV basis as on 31 Oct 2022