Pavan Kuchana

SAT-appeal

• Fraudulent and manipulative conduct involving materially false or incomplete IPO disclosures, manipulation of books, siphoning and diversion of IPO proceeds, undisclosed ICDs and related-party transactions, and fictitious US entities.
  Appeals challenged SEBI WTM order dated 15 November 2017 imposing a further three-year securities-market restraint on TSL, Pavan Kuchana, Durga Kuchana and Ravi Kusum. · Interim restraint against Ramaswamy Kuchana had been revoked by SEBI; V K Prasad Rao was warned.
  Appeal: Appeal Nos. 70 of 2019, 186 of 2018, 187 of 2018 and 188 of 2018 were heard together; company TSL's portion of Appeal No. 70 of 2019 was dismissed as withdrawn on 16 January 2020. The common SAT order was decided on 26 October 2020.
• Alleged fraudulent manipulation of TSL’s IPO and books, false or incomplete offer-document disclosures, undisclosed related-party and ICD transactions, and siphoning/diversion of IPO proceeds through connected entities.
  Appeals challenging SEBI WTM order dated 15 November 2017 were decided by common order. · Three-year restraint from accessing or dealing in the securities market against Pavan Kuchana, Durga Kuchana and Ravi Kusum was upheld.
  Appeal: Appeal Nos. 70 of 2019, 186 of 2018, 187 of 2018 and 188 of 2018; decided by SAT on 26 October 2020. TSL’s portion of Appeal No. 70 of 2019 was dismissed as withdrawn on 16 January 2020.
• Alleged fraudulent and manipulative conduct involving false IPO disclosures, undisclosed related-party and inter-corporate deposit transactions, manipulated books, and siphoning/diversion of IPO proceeds through connected entities.
  Appeals challenging SEBI WTM order dated 15 November 2017 were heard and decided by common order. · Restraint from accessing or dealing in the securities market for a further period of three years was imposed on TSL, Pavan Kuchana, Durga Kuchana and Ravi Kusum under the impugned order.
  Appeal: Appeal Nos. 70 of 2019, 186 of 2018, 187 of 2018 and 188 of 2018 disposed by common SAT order dated 26 October 2020; TSL's part of Appeal No. 70 of 2019 had earlier been dismissed as withdrawn on 16 January 2020.
• Misstatements in TSL IPO offer documents, manipulation of books and siphoning/diversion of IPO proceeds via ICDs and fictitious US vendor/client entities.
  TSL, Pavan Kuchana, Durga Kuchana and Ravi Kusum restrained from accessing/dealing in securities market for further 3 years · Restraint on Ramaswamy Kuchana vide interim order revoked
  Appeal: Appeal Nos. 70 of 2019, 186,187,188 of 2018 against WTM order dated 15.11.2017; Reserved 28.02.2020, Decision 26.10.2020; TSL appeal dismissed as withdrawn 16.01.2020