Prasad V. Potluri

SAT-appeal

• Insider trading by selling PVP Ventures shares while allegedly possessing UPSI concerning a Rs. 593.65 crore diminution/write-off in the value of investments in PVP Global; alleged failure to make SAST and PIT disclosures.
  Common decision disposing of Appeal Nos. 356 and 357 of 2015
  Appeal: Appeal Nos. 356 and 357 of 2015; decision dated 20 June 2018; common SAT decision, with Appeal No. 357 as lead matter.
• SAT matter SATV-14FA7B066C752B6DB83AEF9E
  Stay granted for six weeks from 6 July 2018, subject to security conditions. · Appellants to deposit title deeds of subsidiary-owned immovable properties with SEBI to create an equitable mortgage securing penalty and interest.
  Appeal: Appeals Nos. 356 and 357 of 2015; SAT had partially upheld SEBI's penalty order on 20 June 2018. Appellants intended to approach the Supreme Court; no disposal reported.
• Violation of insider-trading provisions through alleged conduct contravening Sections 12A(d) and (e) of the SEBI Act and Regulations 3(i), 3(ii) read with Regulation 4 of the 1992 Insider Trading Regulations.
  Appeals Nos. 450, 451 and 452 of 2018 dismissed as devoid of merit. · Recovery certificate and bank-account attachment proceedings under Section 28A upheld.
  Appeal: Appeal Nos. 450, 451 and 452 of 2018 decided together on 12 April 2019; earlier SLP dismissed by the Supreme Court on 14 September 2018.
• Violation of Section 12A(d) and (e) of the SEBI Act and Regulations 3(i), 3(ii) read with Regulation 4 of the SEBI Insider Trading Regulations, 1992.
  Appeals challenging the Recovery Officer's bank-account attachment notice and recovery certificate were dismissed as devoid of merit. · Recovery proceedings for the penalty and interest under Section 28A of the SEBI Act were upheld.
  Appeal: Appeal Nos. 450, 451 and 452 of 2018 were decided together on 12 April 2019; prior SLP was dismissed by the Supreme Court on 14 September 2018.
• Sale of PVP Ventures shares by insider PVP Global between 1-30 Oct 2009 while in possession of UPSI of Rs 593.65 cr diminution in investment disclosed on 30 Oct 2009.
• SEBI found violations of Section 12A(d) and (e) of the SEBI Act and Regulations 3(i), 3(ii) read with Regulation 4 of the 1992 Insider Trading Regulations.
  Appeals 450, 451 and 452 of 2018 dismissed as devoid of merit. · Recovery certificate and bank-account attachment proceedings were not quashed.
  Appeal: Appeal No. 451 of 2018, along with Appeals 450 and 452 of 2018, dismissed by SAT on 12 April 2019; earlier SLP dismissed by the Supreme Court on 14 September 2018.