Shailesh Shah

SAT-appeal

• Alleged participation in circular trading and manipulation of trading volumes in Le Waterina Hotels and Resorts Ltd. through coordinated off-market share transfers and subsequent on-market trades.
  Appeal No. 166 of 2019 delay condoned; Misc. Application No. 224 of 2019 allowed. · Appeal Nos. 164, 165 and 166 of 2019 challenging the AO order were heard together and disposed of by a common decision.
  Appeal: Appeal Nos. 164, 165 and 166 of 2019 decided by SAT on 7 February 2020; the appeals challenged SEBI AO order dated 31 January 2019.
• Circular and manipulative trading by connected entities in Le Waterina Hotels and Resorts Ltd. to create artificial trading volume and manipulate the market, through off-market transfers and subsequent on-market transactions.
  Appeal No. 164 of 2019 dismissed; penalty of Rs. 10 lakh on Shailesh Shah upheld. · Appeal No. 165 of 2019 dismissed; penalty of Rs. 20 lakh on Devang Vyas upheld.
  Appeal: Appeal Nos. 164, 165 and 166 of 2019 disposed of by common SAT decision dated 7 February 2020; penalties upheld. Misc. Application No. 224 of 2019 allowed.
• Market manipulation through circular trading, off-market transfers and subsequent on-market trades, resulting in large-scale volume manipulation in Le Waterina Hotels and Resorts Ltd.
  Appeal No. 166 of 2019 delay condoned; Miscellaneous Application No. 224 of 2019 allowed · Appeal Nos. 164, 165 and 166 of 2019 disposed of by common decision; the AO order dated 31 January 2019 was challenged
  Appeal: Appeal Nos. 164, 165 and 166 of 2019 decided by SAT on 7 February 2020; Appeal No. 166 delay condoned through Misc. Application No. 224 of 2019