Raj Kumar Somani

SAT-appeal

• Inflating the price of Sumeet Industries Ltd. in concert with Purshottam Khandelwal and executing fraudulent and manipulative promoter trades in violation of PFUTP provisions.
  Impugned AO order dated 20 February 2014 set aside · Matter restored to the AO for a fresh decision on merits and in accordance with law
  Appeal: Appeal Nos. 113, 114, 115 and 116 of 2014 disposed of by SAT on 30 June 2016; AO order remanded for fresh decision.
• Sumeet Industries Ltd in concert with Purshottam Khandelwal inflated price of SIL; promoters' trades held fraudulent and manipulative.
  Set aside AO common order dated 20.02.2014 imposing aggregate penalty · Direct AO to pass fresh order on merits and in accordance with law
  Appeal: Appeal Nos. 113, 114, 115, 116 of 2014 disposed on 30.06.2016 with no order as to costs
• Alleged fraudulent price and volume manipulation in Sumeet Industries Ltd via misleading unimplemented price-sensitive announcements and connected-person trading to enable promoters to offload shares at inflated prices.
  Impugned WTM order: appellants and PK jointly and severally to disgorge Rs 4,69,40,232 with 12% simple interest p.a. from 12.03.2007 · Impugned WTM order: appellants restrained from accessing securities market and dealing in securities for 3 years
  Appeal: Appeal Nos. 225 of 2014 and 227 of 2014 against WTM order 21.05.2014; Reserved 23.06.2016, Decision date 30.06.2016; final disposal not in excerpt
• Inflating the price of Sumeet Industries Ltd. in concert with Purshottam Khandelwal and executing fraudulent and manipulative trades, violating the PFUTP Regulations read with Section 12A of the SEBI Act.
  Impugned AO order dated 20 February 2014 set aside · Matter restored to the AO for fresh decision on merits and in accordance with law
  Appeal: Appeal Nos. 113, 114, 115 and 116 of 2014 disposed of on 30 June 2016; impugned AO order dated 20 February 2014 set aside and remanded.
• Promoters allegedly inflated Sumeet Industries Ltd price via unimplemented price-sensitive announcements and manipulative trades via Purshottam Khandelwal to offload holdings at profit.
  Jointly and severally disgorge Rs 4,69,40,232 with 12% simple interest p.a. from 12.03.2007 · Restrained from accessing securities market and dealing in securities directly/indirectly for 3 years
  Appeal: Appeal Nos. 225 and 227 of 2014 against WTM order dated 21.05.2014; reserved on 23.06.2016, date of decision 30.06.2016