Sumeet Silk Processors Pvt. Ltd.

5 matters before the Securities Appellate Tribunal

Penalties and directions recorded

Appeal partly allowed; WTM to recalculate disgorgement using acquisition Rs.5.34 and sale Rs.18.98 per share
Rs.2 crore interim deposit dated 25 October 2019 to be adjusted against recalculated liability
Impugned WTM order: appellants and PK jointly and severally to disgorge Rs 4,69,40,232 with 12% simple interest p.a. from 12.03.2007
Impugned WTM order: appellants restrained from accessing securities market and dealing in securities for 3 years
Jointly and severally disgorge Rs 4,69,40,232 with 12% simple interest p.a. from 12.03.2007

SAT-appeal

Price manipulation in Sumeet Industries Ltd. via misleading corporate announcements and manipulative trades to inflate price and enable promoters to offload holdings profitably.
Appeal partly allowed; WTM to recalculate disgorgement using acquisition Rs.5.34 and sale Rs.18.98 per share · WTM to complete recalculation within four weeks from 21 December 2021 with interest
Alleged fraudulent price and volume manipulation in Sumeet Industries Ltd via misleading unimplemented price-sensitive announcements and connected-person trading to enable promoters to offload shares at inflated prices.
Impugned WTM order: appellants and PK jointly and severally to disgorge Rs 4,69,40,232 with 12% simple interest p.a. from 12.03.2007 · Impugned WTM order: appellants restrained from accessing securities market and dealing in securities for 3 years
Appeal: Appeal Nos. 225 of 2014 and 227 of 2014 against WTM order 21.05.2014; Reserved 23.06.2016, Decision date 30.06.2016; final disposal not in excerpt
Promoters allegedly inflated Sumeet Industries Ltd price via unimplemented price-sensitive announcements and manipulative trades via Purshottam Khandelwal to offload holdings at profit.
Jointly and severally disgorge Rs 4,69,40,232 with 12% simple interest p.a. from 12.03.2007 · Restrained from accessing securities market and dealing in securities directly/indirectly for 3 years
Appeal: Appeal Nos. 225 and 227 of 2014 against WTM order dated 21.05.2014; reserved on 23.06.2016, date of decision 30.06.2016
SAT matter SATV-8206D25A0067E166D01ACF4C
Misc. Application No.17 of 2022 dismissed as infructuous
Appeal: Misc. Application No.17 of 2022 in Appeal No.431 of 2019 disposed on 17.01.2022 as dismissed infructuous
Price manipulation in Sumeet Industries Ltd via misleading corporate announcements and matched trades with Puroshottam Madanlal Khandelwal to let promoters offload holdings at inflated prices.
Partly allowed Appeal No.431 of 2019; WTM to recalculate disgorgement using acquisition price Rs.5.34 and sale price Rs.18.98 · WTM calculation with interest to be made within four weeks from 21.12.2021
Appeal: Appeal No.431 of 2019 partly allowed by SAT decision dated 21.12.2021; Misc. Application No.526 of 2019 disposed; earlier Appeals No.225 and 227 of 2014 partly allowed 30.06.2016 with remand

Analyse these matters in Ontology · Plans

Source: SecMarx — Sumeet Silk Processors Pvt. Ltd.. 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.