Sudhir Shankar Moravekar

SAT-appeal

• SEBI alleged that Pancard Clubs carried on a collective investment scheme through its hotel and resort time/room-sharing business without obtaining the required certificate of registration.
  Appeals challenged SEBI’s ex parte interim order dated 31 July 2014; the extracted text does not contain the Tribunal’s final operative directions or disposition.
  Appeal: Appeal Nos. 254 and 255 of 2014, with Miscellaneous Applications Nos. 104 and 105 of 2014; reserved on 4 September 2014. Decision dated 17 September 2014; disposition is not included in the extracted text.
• Alleged carrying on of time/room-sharing holiday schemes as unregistered Collective Investment Scheme without SEBI certificate.
  Impugned interim: not to collect fresh money from prospective customers · Impugned interim: not to launch new schemes or float new company
  Appeal: Appeal Nos. 254 and 255 of 2014 with Misc. Applications 104-105 of 2014 against ex-parte interim order dated 31 July 2014; reserved 04.09.2014, decided 17.09.2014
• Operating unregistered Collective Investment Scheme under guise of time-sharing holiday plans, mobilising Rs 7035 cr without CIMC registration.
  Refund Rs 7035 crore to investors as per SEBI order dated 29 Feb 2016 under challenge · Wind up CIS operated as time-sharing business
• SAT matter SATV-FCC9D917B57D461D6D666001
  Statements of both counsel accepted · Both Misc. Applications disposed of in above terms with no order as to costs
  Appeal: Misc. Application No. 308 of 2015 and Misc. Application No. 290 of 2015 in Appeal Nos. 254-255 of 2014 disposed on 16.10.2015 by SAT
• Deliberate suppression / piecemeal disclosure of company and directors assets and bank accounts in violation of para 34(e) of SEBI order dated February 29, 2016, jeopardizing investor interests.
  Misc. Application No. 193 of 2016 allowed; partial stay orders dated March 9, 2016 and March 15, 2016 vacated · Appeals Nos. 52 and 53 of 2016 listed for final hearing on consent as pleadings complete
• Deliberate suppression and piecemeal disclosure of company and directors assets in violation of para 34(e) of SEBI order, jeopardizing investor interests.
  Vacated interim stay orders dated March 9, 2016 and March 15, 2016 barring coercive steps and third-party letters · Listed Appeal Nos. 52 and 53 of 2016 for final hearing on December 5, 2016 as pleadings complete
  Appeal: Misc. Application No. 193 of 2016 allowed on 17.11.2016 vacating stay; Appeal Nos. 52 and 53 of 2016 pending for final hearing on 05.12.2016