Subash Agarwal
Penalties and directions recorded
- Penalties on independent directors Swarup Chandra Parija, Rima Dhawan and Krishna Chandra Raut set aside.
- Penalties reduced to Rs. 4 lakh each for Subash Agarwal and Rajesh Agarwal, and Rs. 1 lakh for Soumendra Keshari Pattanaik.
- Set aside Rs 1.5 lakh penalty each on independent directors Noticee 4, 5 and 6
- Reduced penalty to Rs 4 lakh each for Subash Agarwal and Rajesh Agarwal
- Reduced penalty to Rs 1 lakh for Soumendra Keshari Pattanaik
SAT-appeal
- Misrepresentation of financial statements, accounting-standard violations, related-party transaction discrepancies, failure to place information before the Audit Committee/Board, non-disclosure of relationships between directors, and alleged PFUTP violations.Appeals 120 of 2022 and 121 of 2022 partly allowed. · Debarment periods reduced to the periods already undergone.Appeal: Appeal Nos. 120 and 121 of 2022 decided by SAT on 11 April 2023; both appeals partly allowed.
- Misrepresentation of financials, misuse of funds/books, related-party discrepancies, non-placement before Audit Committee/Board and non-disclosure of director relationships in ARSS Infrastructure Ltd.Affirmed LODR violations but reduced debarment to period already undergone · Set aside Rs 1.5 lakh penalty each on independent directors Noticee 4, 5 and 6Appeal: Appeal Nos. 120 and 121 of 2022 partly allowed on 11.04.2023 (reserved 17.03.2023)
Source: SecMarx — Subash Agarwal. 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.