Prakash Steelage Limited

2 matters before the Securities Appellate Tribunal

Penalties and directions recorded

Kanugo's appeal was partly allowed and his penalty was reduced from Rs. 17 lakh to Rs. 5 lakh.
Penalties against Prakash Steelage Limited and Palak Kohli Kochhar were set aside; their appeals were allowed.
Noticee No.1 appeal partly allowed: Reg 7(2)(a) violation affirmed, penalty reduced from Rs.17 lakh to Rs.5 lakh
Penalties on company (Noticee No.3) and compliance officer (Noticee No.4) set aside, their appeals allowed with no order as to costs

SAT-appeal

Kanugo was alleged to have transferred 25,00,000 PSL shares while possessing UPSI concerning financial results for the period ended 31 March 2016 and failed to make the required PIT disclosure. The company and Compliance Officer were alleged to have made incorrect SAST disclosures.
Delay in filing the appeals was condoned. · Kanugo's appeal was partly allowed and his penalty was reduced from Rs. 17 lakh to Rs. 5 lakh.
Appeal: Appeal Nos. 709 and 710 of 2022 decided by SAT on 06 November 2023; Kanugo's appeal partly allowed and the company and Compliance Officer's appeal allowed.
Managing Director allegedly transferred 25,00,000 PSL shares while in possession of UPSI on financial results for period ended March 31, 2016 and failed to disclose under Reg 7(2)(a) PIT; company and compliance officer failed disclosure duties.
Delay in filing appeals condoned, misc. applications allowed · Noticee No.1 appeal partly allowed: Reg 7(2)(a) violation affirmed, penalty reduced from Rs.17 lakh to Rs.5 lakh
Appeal: Appeal No.709 of 2022 and Appeal No.710 of 2022 with Misc. Appl.1638-1639 of 2022 disposed on 06.11.2023: partly allowed/allowed as above

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Source: SecMarx — Prakash Steelage Limited. 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.