Swaroopa Pasupala

SAT-appeal

• SAT matter SATV-8B4555F87DB8E4393EB880FF
  Heard counsel for parties; order reserved · Parties to act on digitally signed copy signed by Private Secretary on behalf of bench
  Appeal: Appeal Nos. 619, 664, 665, 666, 667, 668, 669 of 2023 heard on 10.08.2023; order reserved with no final disposal
• Appellants as PACs acquired 21,00,000 shares via preferential allotment, raised group holding from 24.10% to 88.03% without disclosure under Reg 29(2)/(3) and without open offer under Reg 3(1).
  Restraint from buying, selling or dealing in securities directly or indirectly for 5 years per WTM order · Penalty of Rs. 1.25 crore to be paid jointly and severally by appellants per WTM order
  Appeal: Appeal Nos. 619, 664, 665, 666, 667, 668, 669 of 2023 heard 10.08.2023 decided 29.08.2023; final SAT disposal not visible in excerpt
• SAT matter SATV-BA239FF52276F1BA96A4F2F4
  Connect/tag all matters with Appeal No. 619 of 2023 · Put up matters for hearing on August 10, 2023
  Appeal: Appeal Nos. 664, 665, 666, 667, 668, 669 of 2023 with Misc. Applications Nos. 994, 992, 993 of 2023 pending; tagged with Appeal No. 619 of 2023 and adjourned to 10.08.2023
• Appellants allegedly acted in concert, acquired shares through preferential allotment without making an open offer, and failed to disclose a change exceeding 2% in group shareholding.
  Appeals against the WTM order were dismissed insofar as the challenged penalty was concerned. · Five-year restraint from buying, selling or otherwise dealing in securities was imposed by the WTM order.
  Appeal: Appeal Nos. 619, 664, 665, 666, 667, 668 of 2023, with specified miscellaneous applications; decided together on 29 August 2023.
• PACs acquired 21,00,000 shares via preferential allotment raising group holding 24.10% to 88.03% without open offer under Reg 3(1) and without disclosure under Reg 29(2)/29(3), with circular fund movement showing false capital infusion.
  WTM: restraint from buying, selling or dealing in securities directly or indirectly for five years · WTM: penalty of Rs 1.25 crore to be paid jointly and severally by appellants
  Appeal: Appeal Nos. 619, 664, 665, 666, 667, 668, 669 of 2023 heard 10.08.2023, decided 29.08.2023 as common order
• PAC group acquired 21,00,000 shares via preferential allotment raising holding from 24.10% to 88.03% without open offer under Reg 3(1) and without disclosure under Reg 29(2)/29(3), with fund round-tripping to fake capital infusion.
  WTM restrained appellants from buying, selling or dealing in securities directly/indirectly for 5 years · WTM imposed penalty of Rs 1.25 crore jointly and severally
• PACs acquired 21,00,000 shares via preferential allotment raising group holding 24.10% to 88.03% without open offer under Reg 3(1) and without disclosure under Reg 29(2)/29(3); funds round-tripped to show false capital infusion.
  WTM order dated 31 May 2023 upheld - restraint from buying/selling/dealing in securities for 5 years · Penalty of Rs 1.25 crore jointly and severally upheld; contentions on Section 15A(b) and Reg 3(1) rejected
• PACs failed to disclose change in shareholding and make open offer after acquiring 21,00,000 shares via preferential allotment, raising group holding from 24.10% to 88.03%.
  WTM restrained appellants from buying/selling/dealing in securities directly/indirectly for 5 years · WTM imposed penalty of Rs 1.25 crore jointly and severally
  Appeal: Appeal Nos 619,664,665,666,667,668,669 of 2023 heard on 10.08.2023 decided on 29.08.2023 against WTM common order dated 31.05.2023; with Misc Applications 994,992,993 of 2023
• PACs acquired 21,00,000 shares via preferential allotment raising group holding 24.10% to 88.03% without open offer under Reg 3(1) and without Reg 29(2)/29(3) disclosure, with circular fund movement.
  WTM restraint from buying/selling/dealing in securities directly/indirectly for 5 years · WTM penalty Rs 1.25 crore jointly and severally
  Appeal: Appeal Nos. 619, 664, 665, 666, 667, 668, 669 of 2023 heard 10.08.2023 decided 29.08.2023 with Misc Apps 994, 992, 993 of 2023