Shiv Kumar Komaravelli

SAT-appeal

• Fraudulent and manipulative routing of funds to create the appearance of genuine capital infusion through preferential allotment, and structured trades creating misleading trading appearance, artificial volumes and increased LTP.
  Appeals challenged the common AO order dated 16 September 2022 imposing penalties; the excerpt does not contain the final operative disposal.
  Appeal: Appeal Nos. 924, 925, 926 and 927 of 2022, Appeal Nos. 29, 30 and 31 of 2023; order dated 15 June 2023. Final disposal is not included in the provided excerpt.
• Fraudulent preferential allotment with no genuine capital infusion via routing Rs 189.40 lakh and circular return; plus structured trades creating false volume and LTP.
  AO penalties sustained: Rs 2.14 cr (Sr2), Rs 76 lakh (Sr3), Rs 19 lakh (Sr5), Rs 30 lakh (Sr6), Rs 8 lakh joint and several (Sr22-24) · Disgorgement of unlawful gains on sale of preferentially allotted shares at higher price upheld
• SAT matter SATV-BA239FF52276F1BA96A4F2F4
  Connect/tag all matters with Appeal No. 619 of 2023 · Put up matters for hearing on August 10, 2023
  Appeal: Appeal Nos. 664, 665, 666, 667, 668, 669 of 2023 with Misc. Applications Nos. 994, 992, 993 of 2023 pending; tagged with Appeal No. 619 of 2023 and adjourned to 10.08.2023
• Fraudulent preferential allotment of Abhishek Infraventures Ltd without genuine capital infusion via routing of funds and misleading trading.
  AO directed disgorgement of unlawful gains made on sale of preferentially allotted shares at higher price · AO imposed monetary penalties for violation of Section 12A and Regulations 3, 4 PFUTP Regulations
• Fraudulent preferential allotment of Abhishek Infraventures without genuine capital infusion via routed funds; structured trades creating false volume and LTP.
  AO imposed Rs 2.14 cr, Rs 76 lakh, Rs 19 lakh, Rs 30 lakh and Rs 8 lakh jointly and severally · AO directed disgorgement of unlawful gains from sale of preferential shares at higher price
• Fraudulent preferential allotment of Abhishek Infraventures Ltd without genuine capital infusion via circular funding and structured trades creating false volume/LTP.
  AO penalties: Rs 2.14 cr, Rs 76 lakh, Rs 19 lakh, Rs 30 lakh and Rs 8 lakh jointly; SAT affirms fraud finding · Disgorgement of unlawful gains made on sale of preferentially allotted shares at higher price
  Appeal: Appeal Nos. 924-927 of 2022 and 29-31 of 2023 against AO order dated 16.09.2022; reserved 12.06.2023, decided 15.06.2023
• Fraudulent preferential allotment by Abhishek Infraventures Ltd without genuine capital infusion via routed funds; structured trades creating artificial volume and LTP.
  AO penalties: Rs 2.14 cr (Sr No 2), Rs 76 lakh (Sr No 3), Rs 19 lakh (Sr No 5), Rs 30 lakh (Sr No 6), Rs 8 lakh jointly (Sr Nos 22-24) · Disgorgement of unlawful gains made on sale of preferential shares at higher price
  Appeal: Appeal Nos 924-927 of 2022 and 29-31 of 2023 against AO order; reserved 12.06.2023, decided 15.06.2023
• Fraudulent preferential allotment of Abhishek Infraventures Ltd without genuine capital infusion via routed funds, and structured trades creating misleading appearance, artificial volume and LTP rise.
  Rs 2.14 crore penalty on noticee Sr No 2 · Rs 76 lakh penalty on noticee Sr No 3
  Appeal: Appeal Nos 924-927 of 2022 and 29-31 of 2023, Order Reserved 12.06.2023, Date of Decision 15.06.2023
• SAT matter SATV-D77490F12D0935E4B28F1688
  Order reserved after hearing learned counsel for the parties · All parties to act on digitally signed copy signed by Private Secretary on behalf of bench
  Appeal: Appeal Nos. 924, 925, 926, 927 of 2022 and 29, 30, 31 of 2023 before SAT Mumbai; heard, order reserved on 12.06.2023, no final disposal yet