S.K. Somany

SAT-appeal

• Fraudulent GDR issuance scheme: GDR proceeds were pledged to fund the sole subscriber's subscription, while the loan and account-charge arrangements and sole subscription were not disclosed to investors or stock exchanges.
  Violations under Section 12A and PFUTP Regulations affirmed against the responsible appellants. · Company's three-year debarment reduced to period undergone.
  Appeal: Appeal Nos. 461, 462, 463 of 2021 and 956, 957, 958 of 2022 disposed of by SAT on 22 February 2023; violations largely affirmed with relief on sanctions.
• Alleged fraudulent GDR scheme involving undisclosed financing and pledge arrangements, misleading disclosure that the issue was fully subscribed, and non-disclosure that one entity subscribed the entire issue.
  Company’s three-year debarment reduced to the period already undergone while violation was affirmed. · Two-year debarments of S.K. Somany, A.K. Somany and P. Bandyopadhyay affirmed.
  Appeal: Appeal Nos. 461, 462, 463 of 2021 and 956, 957, 958 of 2022 disposed by SAT order dated 22 February 2023; connected miscellaneous applications also considered.
• Fraudulent GDR scheme involving undisclosed financing and pledge of GDR proceeds, misleading disclosure that the issue was fully subscribed, and non-disclosure of the sole subscriber and loan arrangements.
  Violation under Section 12A of the SEBI Act and Regulations 3 and 4 of PFUTP Regulations affirmed. · Company’s three-year debarment reduced to the period undergone.
  Appeal: Appeals Nos. 461, 462, 463 of 2021 and 956, 957, 958 of 2022 decided by SAT on 22 February 2023.
• Fraudulent GDR scheme pledging GDR proceeds as security for loan to sole subscriber Whiteview with non-disclosure and misleading fully-subscribed announcement.
  Company 3-year debarment reduced to period undergone; violation affirmed · 2-year debarment of S.K. Somany, A.K. Somany, P. Bandyopadhyay upheld
• Fraudulent GDR issue where proceeds were pledged to fund sole subscriber Whiteview and pledge/loan and single-subscriber fact not disclosed, misleading investors.
  Affirmed violation of Sec 12A and PFUTP Reg 3-4 for Company and directors · Company 3-year debarment reduced to period undergone
• Fraudulent GDR issue where USD 17.2975 mn proceeds pledged via undisclosed account-charge/loan to fund sole subscriber Whiteview, with misleading disclosure that issue was fully subscribed.
  Affirmed violation of Sec 12A SEBI Act and Reg 3,4 PFUTP for Company and directors · Company debarment of 3 years reduced to period undergone
  Appeal: Appeal Nos. 461,462,463 of 2021 and 956,957,958 of 2022 with Misc Appl. 674,731,768 of 2021 disposed on 22.02.2023, reserved on 10.01.2023