Rajendra Somani

SAT-appeal

• Failure to make a public announcement/open offer following acquisition and increase in promoter-group shareholding; alleged violation of Regulations 3(2) and 13(1).
  Appeal dismissed; AO's penalty order imposing Rs. 15 lakh on the appellants for violation of Regulations 3(2) read with 13(1) upheld.
  Appeal: Appeal No. 184 of 2018 decided on 17 March 2020; dismissed. Earlier Appeal No. 274 of 2014 was remanded on 1 March 2016; Appeal No. 273 of 2014 by Susheel Somani was withdrawn with permission to pay the penalty.
• SAT matter SATV-F852862D9ECE249EC69DD163
  Misc. Application No. 280 of 2020 in Appeal No. 184 of 2018 dismissed as withdrawn with liberty to approach appropriate authority
  Appeal: Misc. Application No. 280 of 2020 in Appeal No. 184 of 2018 decided on 14.09.2020 - dismissed as withdrawn
• Inter se transfer of shares amongst promoters of Svaraj Trading and Agencies Ltd triggered public announcement obligation; Reg 10 exemption denied for non-compliance.
  Impugned adjudication order dated May 30, 2014 quashed and set aside · Matter restored to adjudicating officer for fresh order on merits and in accordance with law
  Appeal: Appeal No. 274 of 2014 disposed of on 01.03.2016 by setting aside AO order and remanding for fresh adjudication