Smt Alka Pandey

8 matters before the Securities Appellate Tribunal

Penalties and directions recorded

Impugned adjudication order and penalties upheld.
SEBI to issue SCN within 1 week for interest on Rs 25 lacs from adjudication order date till payment
Rs 4.69 lacs in said joint account to be kept in fixed deposit as holders deem fit
SEBI may appropriate Rs 4.69 lacs plus accrued interest only after 4 weeks from service of interest order
If SEBI fails to act within stipulated time, attachment on Rs 4.69 lacs stands raised

SAT-appeal

Challenge to Recovery Officer demands for interest on disgorgement and penalty amounts arising from orders passed before Section 28A came into force.
Appeal: Common decision in Appeal Nos. 41 of 2014, 313 of 2014, 314 of 2014, 315 of 2014, 400 of 2014, 392 of 2015 and 432 of 2015; decision dated 10 March 2017. The supplied text does not include the final operative disposal.
Alleged misleading and inflated promoter shareholding disclosures to BSE, intended to create a wrong impression among investors, and failure to make required disclosures under insider trading and takeover regulations.
Appeal No. 180 of 2011 dismissed. · Impugned adjudication order and penalties upheld.
Appeal: Appeal No. 180 of 2011 dismissed by SAT on 15 November 2011.
Challenge to Recovery Officer demands for interest on disgorgement and penalty amounts arising from SEBI orders passed before 18 July 2013.
Appeal: Appeal Nos. 41 of 2014, 313 of 2014, 314 of 2014, 315 of 2014, 400 of 2014, 392 of 2015 and 432 of 2015 were heard together; decision dated 10 March 2017. Earlier appeals against the Dalal disgorgement order were dismissed by SAT on 12 November 2010 and by the Supreme Court on 21 February 2011; review dismissed on 24 August 2011.
IPO-related investigation (2003-2005 IPOs) leading to disgorgement of unlawful gains and penalties; dispute is RO levying interest on delayed payment of pre-18.07.2013 orders.
Whether Section 28A SEBI Act imposes interest for failure to pay amounts under Section 28A in time and if it applies to interest on disgorgement/penalty orders passed prior to 18.07.2013.
Appeal: Lead Appeal No.41 of 2014 with Nos.313,314,315,400 of 2014 and 392,432 of 2015 heard together; prior appeals against 21.07.2009 order dismissed by SAT on 12.11.2010, Supreme Court on 21.02.2011, Review on 24.08.2011; Appeal No.199 of 2013 disposed on 17.01.2014 permitting present appeal.
Whether Sec 28A SEBI Act permits Recovery Officer to demand interest on disgorgement/penalty due under orders passed prior to 18.07.2013 till payment.
Appeal: WTM order 21.07.2009 appeals dismissed by SAT on 12.11.2010; Supreme Court dismissed appeal 21.02.2011; Review dismissed 24.08.2011; Appeal 199/2013 disposed 17.01.2014
Recovery of Rs 25 lacs penalty imposed by adjudication order dated 28 June 2011 (underlying violation not detailed)
SEBI to issue SCN within 1 week for interest on Rs 25 lacs from adjudication order date till payment · Appellant may reply within 1 week of SCN receipt; SEBI to pass final order within 2 weeks after hearing
Appeal: Appeal No. 136 of 2014 disposed on 11 June 2014 with no order as to costs
IPO-related violations (2003-2005) leading to disgorgement/penalty orders; dispute is RO demanding interest on delayed payment of pre-18.07.2013 orders under Section 28A.
Appeal: Appeal Nos. 41/2014, 313/2014, 314/2014, 315/2014, 400/2014, 392/2015, 432/2015; Order Reserved On 08.02.2017, Date of Decision 10.03.2017

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Source: SecMarx — Smt Alka Pandey. 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.