Shantiben Gangaram Desai

SAT-appeal

• Alleged fraudulent and unfair trade practices through connected reversal, matched and self-trades, volume manipulation, price manipulation and contribution to positive LTP in Ushdev International Ltd.
  All appeals were dismissed. · SEBI AO directions imposing penalties ranging from Rs.5 lakhs to Rs.30 lakhs on the respective appellants were upheld.
  Appeal: Appeal Nos.265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 dismissed by SAT on 8 June 2021.
• Connected noticees allegedly engaged in reversal, matched and self-trades, price and volume manipulation, and contributed to the positive Last Traded Price in Ushdev International Ltd.
  All appeals were dismissed. · SEBI AO directions imposing penalties ranging from Rs.5 lakh to Rs.30 lakh on the respective appellants were upheld.
  Appeal: Appeal Nos.265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 dismissed by SAT on 8 June 2021.
• Alleged fraudulent and unfair trading through reversal, matched and self-trades, price and volume manipulation, and contribution to positive Last Traded Price in Ushdev International Ltd.
  All appeals were dismissed. · The Adjudicating Officer’s penalties ranging from Rs.5 lakh to Rs.30 lakh per appellant were upheld.
  Appeal: Appeal Nos.265, 267, 270, 271, 272, 273, 274, 275 and 276 of 2019 dismissed on 8 June 2021; 17 of 18 noticees appealed.
• Alleged fraudulent and unfair trade practices in violation of Section 12A of the SEBI Act read with Regulations 3 and 4 of the PFUTP Regulations.
  Impugned AO order dated 16 November 2018 quashed. · Matters remitted to the AO for fresh decision after giving appellants opportunity to file replies and contest.
  Appeal: Appeal Nos. 36, 37, 38, 39 and 52 of 2022 allowed on 29 August 2022; impugned order quashed and matters remitted.
• Alleged violation of Section 12A(a),(b),(c) read with Regulations 3 and 4 of PFUTP Regulations, 2003 for fraudulent and unfair trade practices.
  Impugned AO ex-parte order quashed and Appeals No. 36,37,38,39,52 of 2022 allowed · Matters remitted to AO to decide afresh after giving opportunity to file replies and contest
  Appeal: Appeal Nos. 36,37,38,39,52 of 2022 allowed on 29.08.2022; prior Appeal No.123 of 2019 allowed on 07.11.2019 with remand for fresh SCN
• Connected entities indulged in reversal, matched and self-trades and price/volume manipulation contributing to positive LTP in Ushdev International Ltd.
  All appeals dismissed · AO penalty of Rs.5 lakhs to Rs.30 lakhs per appellant confirmed as proportionate to repetitive violations
  Appeal: Appeal Nos.265,267,270,271,272,273,274,275,276 of 2019 dismissed by SAT decision dated 08.06.2021 (reserved 26.04.2021)
• Alleged fraudulent and unfair trade practices violating Section 12A SEBI Act read with Regulations 3-4 PFUTP Regulations; specific scrip/trades not detailed in SAT order
  Impugned AO ex-parte order quashed · Appeal Nos. 36, 37, 38, 39 and 52 of 2022 allowed
• Connected noticees indulged in reversal, matched and self-trades and price/volume manipulation contributing to positive LTP in Ushdev International Ltd.
  All appeals dismissed · AO penalty of Rs.5 lakhs to Rs.30 lakhs confirmed with no interference on quantum
  Appeal: Appeal Nos.265,267,270,271,272,273,274,275,276 of 2019 dismissed by SAT decision dated 08.06.2021 (reserved 26.04.2021)
• Alleged violation of Section 12A SEBI Act read with Regulations 3 and 4 PFUTP Regulations for fraudulent and unfair trade practices.
  Impugned AO ex-parte order quashed, appeals allowed · Matters remitted to AO to decide afresh after allowing replies and contest
  Appeal: Appeal Nos. 36, 37, 38, 39, 52 of 2022 allowed on 29.08.2022; impugned AO order quashed and remanded