Sumeet Industries Limited

SAT-appeal

• Inflating the price of Sumeet Industries Ltd. in concert with Purshottam Khandelwal and executing fraudulent and manipulative promoter trades in violation of PFUTP provisions.
  Impugned AO order dated 20 February 2014 set aside · Matter restored to the AO for a fresh decision on merits and in accordance with law
  Appeal: Appeal Nos. 113, 114, 115 and 116 of 2014 disposed of by SAT on 30 June 2016; AO order remanded for fresh decision.
• Unimplemented favourable corporate announcements allegedly made with fraudulent intent to inflate SIL price to enable promoters to offload stake, plus acting in concert with SIC and P. Khandelwal to manipulate order book via self/synchronised trades.
  WTM restrained appellants from accessing securities market for two years vide order 21.5.2014 · No disgorgement ordered against director-appellants in Appeal 226/2014 as they had not traded
  Appeal: Appeal Nos.224/2014 and 226/2014 with Misc Apps 89/2014 and 91/2014; 2-day delay condoned; appeals infructuous after undergoing restraint but heard on merits; reserved 10.6.2016, decided 30.6.2016
• Sumeet Industries Ltd in concert with Purshottam Khandelwal inflated price of SIL; promoters' trades held fraudulent and manipulative.
  Set aside AO common order dated 20.02.2014 imposing aggregate penalty · Direct AO to pass fresh order on merits and in accordance with law
  Appeal: Appeal Nos. 113, 114, 115, 116 of 2014 disposed on 30.06.2016 with no order as to costs
• Inflating the price of Sumeet Industries Ltd. in concert with Purshottam Khandelwal and executing fraudulent and manipulative trades, violating the PFUTP Regulations read with Section 12A of the SEBI Act.
  Impugned AO order dated 20 February 2014 set aside · Matter restored to the AO for fresh decision on merits and in accordance with law
  Appeal: Appeal Nos. 113, 114, 115 and 116 of 2014 disposed of on 30 June 2016; impugned AO order dated 20 February 2014 set aside and remanded.
• Alleged fraudulent unimplemented corporate announcements to inflate SIL price to enable promoter offloading for unlawful gains with concerted manipulative trading.
  Delay of 2 days in filing Appeals 224/2014 and 226/2014 condoned · WTM direction recorded: appellants restrained from accessing securities market for 2 years