Ravi Kusam

4 matters before the Securities Appellate Tribunal

Penalties and directions recorded

Penalty on Durga Kuchana reduced from Rs. 1 crore to Rs. 50 lakh.
Penalty on Ramaswamy Kuchana reduced from Rs. 1 crore to Rs. 50 lakh.
Penalties on Pavan Kumar Kuchana and Ravi Kusam upheld as proportionate.
Penalty on Durga Kuchana reduced from Rs. 1 crore to Rs. 50 lakh.
Penalty on Ramaswamy Kuchana held harsh and excessive; operative final reduction is not included in the provided text.

SAT-appeal

Manipulation and siphoning of Taksheel Solutions Ltd.'s IPO proceeds, misleading IPO disclosures, nondisclosure of related-party/ICD transactions, and use of foreign front entities to divert funds.
Appeals disposed of together; violations upheld. · Penalty on Durga Kuchana reduced from Rs. 1 crore to Rs. 50 lakh.
Appeal: Appeal Nos. 374, 375, 376 and 377 of 2022 decided by SAT on 15 July 2022; delay condoned in Misc. Applications Nos. 468-471 of 2022.
Fraudulent and manipulative conduct in Taksheel Solutions Ltd.’s IPO, including misleading disclosures, manipulation of books, non-disclosure of related-party transactions and ICDs, and siphoning/diversion of IPO proceeds.
Appeals upheld the violations found by the AO. · Penalty on Durga Kuchana reduced from Rs. 1 crore to Rs. 50 lakh.
Appeal: Appeals Nos. 374, 375, 376 and 377 of 2022 decided by SAT on July 15, 2022; delay condoned. Earlier companion appeals, including Appeal No. 70 of 2019, were dismissed on October 26, 2020.
Fraudulent and manipulative conduct in Taksheel Solutions Ltd.’s IPO, including misleading disclosures, manipulation of books, non-disclosure of related-party and ICD transactions, and siphoning/diversion of IPO proceeds.
Appeals allowed in part and penalties modified. · Penalty on Durga Kuchana reduced from Rs. 1 crore to Rs. 50 lakh.
Appeal: Appeal Nos. 374, 375, 376 and 377 of 2022; common AO order dated 10 August 2021; appeals partly allowed on 15 July 2022. Earlier companion appeals were dismissed on 26 October 2020.
Fraudulent Taksheel Solutions IPO with false disclosures, manipulation of books and siphoning of virtually entire IPO proceeds via ICDs and fictitious US vendor/client entities.
Delay in Appeal Nos. 374-377 of 2022 condoned, appeals decided together · WTM findings affirmed, violations by appellants upheld per 26.10.2020 SAT judgment
Appeal: Appeal Nos. 374-377 of 2022 decided 15.07.2022 (reserved 13.07.2022); prior Appeal No.70 of 2019 and companions against WTM order dismissed 26.10.2020

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Source: SecMarx — Ravi Kusam. 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.