Subhas Kundu

3 matters before the Securities Appellate Tribunal

Penalties and directions recorded

Joint and several liability of appellants in Appeal Nos. 45 and 46 of 2017 restricted to Rs. 5,44,300 each
Appellant in Appeal No. 55 of 2017 jointly and severally liable for full Rs. 1,66,40,470 with Company and other Directors
Restrict joint and several refund liability of appellants in Appeal Nos.45 and 46 of 2017 to Rs.5,44,300 each
Retain full joint and several refund liability of appellant in Appeal No.55 of 2017 for Rs.1,66,40,470 with Company and other directors
Joint and several refund liability of appellants in Appeal Nos. 45 and 46 of 2017 restricted to Rs 5,44,300 each

SAT-appeal

Issue of Redeemable Preference Shares to 1272 investors amounting to deemed public issue under Section 67(3) Companies Act, 1956 without complying with Sections 56, 60, 73
Impugned WTM order upheld on merits with no order as to costs · Joint and several liability of appellants in Appeal Nos. 45 and 46 of 2017 restricted to Rs. 5,44,300 each
Appeal: Appeal Nos. 45, 46 and 55 of 2017 disposed on 15.09.2017 upholding WTM order with modified joint liability
Unregistered deemed public issue of Redeemable Preference Shares to 1272 investors for Rs.1,66,40,470 violating Sections 56, 60, 67(3), 73 of Companies Act, 1956
Uphold WTM refund order on merits with no order as to costs · Restrict joint and several refund liability of appellants in Appeal Nos.45 and 46 of 2017 to Rs.5,44,300 each
Appeal: Appeal Nos.45, 46 and 55 of 2017 disposed on 15.09.2017 by common order upholding WTM order with modified liability
Issue/allotment of Redeemable Preference Shares to 1272 investors for Rs 1.66 crore constituting deemed public issue under Section 67(3) without complying with public issue norms.
Impugned WTM order upheld on merits · Joint and several refund liability of appellants in Appeal Nos. 45 and 46 of 2017 restricted to Rs 5,44,300 each
Appeal: Appeal Nos. 45, 46 and 55 of 2017 disposed on 15.09.2017 upholding WTM order with modified liability

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Source: SecMarx — Subhas Kundu. 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.