Suresh Hegde & Co.
Penalties and directions recorded
- WTM order restrained Deepak Shenoy 7 years from market and from director/KMP posts under challenge
- AO order imposed Rs 12 lakh joint and several penalty on five noticees under challenge
- WTM 20 April 2021: Deepak Shenoy restrained from accessing/buying/selling/dealing and from director/KMP post for 7 years
- AO 31 May 2022: Rs.12 lakh penalty jointly and severally on five noticees including Deepak Shenoy
SAT-appeal
- Deviation from IPO prospectus objects and siphoning of Rs 64.43 crore IPO proceeds with concocted sales and misstated financials 2008-09 to 2010-11.WTM order restrained Deepak Shenoy 7 years from market and from director/KMP posts under challenge · AO order imposed Rs 12 lakh joint and several penalty on five noticees under challengeAppeal: Appeal No.61/2022, 653/2022, 815/2022 against WTM orders 20 April 2021 and AO order 31 May 2022; heard 07.07.2023, decided 04.09.2023
- Deviation from IPO prospectus objects and siphoning of Rs.64.43 crore IPO proceeds of Sudar Industries Ltd. with misstated sales/financials for FY 2008-09 to 2010-11.WTM 20 April 2021: Deepak Shenoy restrained from accessing/buying/selling/dealing and from director/KMP post for 7 years · AO 31 May 2022: Rs.12 lakh penalty jointly and severally on five noticees including Deepak ShenoyAppeal: Appeal Nos.61 of 2022, 653 of 2022, 815 of 2022 heard on 07.07.2023, decided on 04.09.2023 by common SAT order
- Deviation from IPO objects stated in prospectus and siphoning of Rs 64.43 crore from Rs 69.97 crore IPO proceeds aided by inflated sales and mis-stated financials for 2008-09 to 2010-11.All three appeals decided together as common issue involved (final relief truncated in excerpt)
Source: SecMarx — Suresh Hegde & Co.. 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.