Pradip J. Mundhra

SAT-appeal

• Alleged fraudulent GDR scheme involving selective disclosure and non-disclosure of the loan agreement, pledge agreement and Euram Bank’s authority to use GDR proceeds in connection with a loan.
  Appeals of Jaiprakash Kabra, Gopaldas Maheshwari and Rajesh Jhunjhunwala allowed; AO orders against them quashed. · Penalty and debarment findings against Pradip J. Mundhra and Sanjay Taparia modified as excessive and arbitrary.
  Appeal: Appeal Nos. 58, 61, 62, 146, 148, 149 and 150 of 2021 decided by SAT on 2 September 2021; appeals of Kabra, Maheshwari and Jhunjhunwala allowed and orders quashed; appeals of Mundhra and Taparia partly allowed/penalties modified.
• Fraudulent GDR scheme by Tulsi Extrusions Ltd with selective disclosure to BSE suppressing loan and pledge agreements and Euram Bank authority to use proceeds.
  AO penalty orders against Jaiprakash Kabra, Gopaldas Maheshwari and Rajesh Jhunjhunwala quashed; appeals allowed with no costs · Pradip Mundhra and Sanjay Taparia liable for listing non-disclosure but not fraud under Regs 3-4; penalty held excessive for modification
  Appeal: Appeals 58,61,62,146,148,149,150 of 2021 decided 02.09.2021 (hearing 30.08.2021): three appeals allowed; Mundhra/Taparia relief
• Tulsi Extrusions GDR issue alleged as fraudulent scheme with selective BSE disclosure suppressing Euram Bank loan/pledge authority.
  AO penalty orders against Kabra, Maheshwari, Jhunjhunwala quashed; appeals allowed with no costs · Mundhra/Taparia: no fraud under PFUTP Regs 3-4, only non-disclosure; penalty held excessive for modification
  Appeal: Appeals 58,61,62,146,148,149,150 of 2021 with Misc Apps decided 02.09.2021 (heard 30.08.2021); 3 allowed, 2 modified
• Fraudulent GDR issuance scheme by Tulsi Extrusions Ltd with selective disclosure to BSE suppressing loan, pledge agreements and Euram Bank authority to use proceeds.
  AO order 20 Nov 2020 against Kabra, Maheshwari, Jhunjhunwala quashed; appeals allowed · No fraud under Reg 3-4 PFUTP; only listing agreement non-disclosure upheld for Mundhra, Taparia
  Appeal: Appeal Nos. 58, 61, 62, 146, 148, 149, 150 of 2021 with Misc. Applications decided 02.09.2021; 3 appeals allowed, 2 appeals partly allowed/modified
• Selective disclosure and suppression of material information concerning the Euram Bank loan and pledge arrangements relating to Tulsi Extrusions Ltd.’s GDR issue; alleged fraudulent scheme and PFUTP violations.
  Appeals of Jaiprakash Kabra, Gopaldas Maheshwari and Rajesh Jhunjhunwala allowed; AO orders against them quashed. · Penalties and five-year market-access restraints against Pradip Mundhra and Sanjay Taparia modified as excessive and arbitrary; operative final modification text is truncated in the provided order.
  Appeal: Appeal Nos. 58, 61, 62, 146, 148, 149 and 150 of 2021 decided together on 2 September 2021; appeals of Kabra, Maheshwari and Jhunjhunwala allowed, with no order as to costs; outcome for Mundhra and Taparia is truncated.
• Alleged fraudulent GDR scheme and selective/non-disclosure to BSE of the loan agreement, pledge agreement and Euram Bank’s authority to use GDR proceeds in connection with a loan.
  Appeals of Jaiprakash Kabra, Gopaldas Maheshwari and Rajesh Jhunjhunwala allowed; AO orders against them quashed. · Penalties and debarment findings against Pradip Mundhra and Sanjay Taparia modified as excessive and arbitrary; operative portion is truncated in the supplied text.
  Appeal: SAT disposed Appeal Nos. 58, 61, 62, 146, 148, 149 and 150 of 2021 by decision dated 2 September 2021; appeals of Kabra, Maheshwari and Jhunjhunwala allowed, with remaining operative relief truncated in supplied text.
• Fraudulent GDR scheme by Tulsi Extrusions Ltd with selective disclosure to BSE, suppressing Euram Bank loan/pledge and authority to use GDR proceeds.
  AO penalty orders against Kabra, Maheshwari, Jhunjhunwala quashed; appeals allowed with no costs · Fraud under Regs 3-4 PFUTP not made out against Mundhra/Taparia; penalty held excessive and arbitrary requiring modification
  Appeal: Appeal Nos 58,61,62,146,148,149,150 of 2021 heard 30.08.2021 decided 02.09.2021; 3 appeals allowed/quashed, 2 penalties held excessive