Subrata Bhattacharya

SAT-appeal

• SEBI held that schemes floated by PACL constituted unregistered Collective Investment Schemes, and directed winding up and refund of monies collected from investors.
  Appeals challenging SEBI's order dated 22 August 2014 were heard together and disposed of by common order. · SEBI had directed PACL and its promoters/directors to wind up the CIS and refund monies collected from customers with promised return within three months.
  Appeal: Appeal Nos. 368, 369, 370 of 2014 and 95 of 2015 were decided together by SAT on 12 August 2015; the excerpt does not state the operative result.
• SEBI alleged that PACL's land-sale schemes constituted unregistered Collective Investment Schemes and directed winding up and refund of monies collected from customers.
  Appeals 368/2014, 369/2014, 370/2014 and 95/2015 were heard together and disposed of by common order.
  Appeal: Appeal Nos. 368/2014, 369/2014, 370/2014 and 95/2015 decided by SAT on 12 August 2015; disposal outcome is not included in the provided text.
• Alleged fraudulent and unfair trade practices; the precise practices are not described in the order.
  Impugned adjudication orders dated 22 September 2015 set aside. · SEBI directed to pass fresh orders on merits and in accordance with law.
  Appeal: Appeal Nos. 467, 491 and 492 of 2015 disposed of by SAT on 27 October 2016; impugned orders set aside and matter remanded to SEBI for fresh orders.
• SAT matter SATV-3E7DC4E8DE9F0C0B08FB3904
  Appeal No. 142 of 2016 dismissed for want of prosecution
  Appeal: Appeal No. 142 of 2016 dismissed on 24 May 2017 for want of prosecution; Misc. Application No. 100 of 2016 also listed.
• Alleged fraudulent and unfair trade practices attracting penalty under Section 15HA of SEBI Act
  Impugned AO orders set aside · SEBI directed to pass fresh order on merits and in accordance with law
• Continuing existing and launching new Collective Investment Schemes without SEBI registration in violation of CIS Regulations attracting Section 15D.
  Recalled dismissal order dated 24.05.2017 and restored Appeals 141 & 142 of 2016 · Condoned 33 days delay in filing appeals vide Misc Apps 99 & 100 of 2016
  Appeal: Appeal Nos 141 & 142 of 2016 dismissed on 28.02.2018; Supreme Court appeals against SAT order dated 12.08.2015 pending
• Alleged fraudulent and unfair trade practices attracting penalty under Section 15HA of SEBI Act
  Impugned Adjudicating Officer orders set aside · SEBI directed to pass fresh order on merits and in accordance with law
• Continuing existing and floating new Collective Investment Schemes without SEBI registration in violation of CIS Regulations, attracting penalty under Section 15D of SEBI Act
  Recall order dated 24.05.2017 dismissing appeals for want of prosecution and restore appeals to file · Condone delay of 33 days in filing Appeal Nos. 141 and 142 of 2016
  Appeal: Appeals against SAT order dated 12.08.2015 pending before Supreme Court; Supreme Court order dated 02.02.2016 directing sale of PACL lands and payment to investors
• Schemes floated by PACL for sale/purchase and development of agricultural land constitute unregistered Collective Investment Schemes run in violation of SEBI Act and CIS Regulations.
  SEBI order 22.08.2014: wind up existing CIS and refund monies collected with promised return within 3 months · SAT common order dated 12.08.2015 disposes Appeals together; operative findings truncated in excerpt
  Appeal: Appeal Nos. 368, 369, 370 of 2014 and 95 of 2015 with M.A. Nos. 88, 129, 171 of 2015 against SEBI order dated 22.08.2014; Date of Decision 12.08.2015 by common order
• PACL schemes for sale/purchase and development of agricultural land alleged to constitute unregistered Collective Investment Schemes in violation of SEBI Act and CIS Regulations.
  SEBI order dated 22.08.2014 held PACL schemes are CIS and directed PACL/promoters/directors to wind up existing CIS and refund monies collected with promised returns - under challenge in appeals
  Appeal: Appeal Nos. 368, 369, 370 of 2014 and 95 of 2015 against SEBI order dated 22.08.2014 with Misc. Appl. Nos. 88, 129, 171 of 2015, decided by common order dated 12.08.2015
• Running unregistered Collective Investment Schemes and mobilizing Rs 2686.25 crore without SEBI registration in violation of PFUTP Regulation 4(2)(t).
  Dismissed Appeal Nos. 47 and 48 of 2018, upheld AO penalty of Rs 2423.16 crore jointly and severally · Parties to bear their own costs