Syncom Healthcare Ltd.

SAT-appeal

• SAT matter SATV-0403996EC28A1A8CB2660C69
  Order reserved; no merits decision or operative relief recorded in the text. · Parties directed to act on the digitally signed copy sent by fax and/or email.
  Appeal: Multiple appeals heard together on 23 April 2021; order reserved. Appeals 201/2019, 445/2019, 101/2019, 306/2019, 533/2019, 602/2019, 603/2019, 32/2020, 97/2020, 98/2020 and 615/2019; no disposal on merits stated.
• Alleged fraudulent and unfair trade practices involving a sham GDR issue, circular financing and subsequent conversion and sale of GDRs into equity shares in the Indian securities market.
  Appeals allowed in relation to Govind Das Pasari, Bharat Kumar Doshi, Avichal Kasliwal and Jyoti Bankda; their restraints and penalties were set aside. · The extract ends while discussing the appeals of Ajay Bankda and Syncom Healthcare Ltd.; their final disposition is not provided.
  Appeal: Common SAT order dated 30 April 2021 deciding Appeal Nos. 201, 445, 101, 306, 533, 602, 603 of 2019, 32, 97 and 98 of 2020, and Appeal No.615 of 2019; extract incomplete as to final disposition of all appeals.
• Alleged fraudulent and unfair trade practices relating to a GDR issue, including arranging subscription through a bank-financed subscriber secured by the company’s pledged GDR proceeds, followed by conversion and sale of shares in India.
  Appeals were heard and decided by common order. · Delay in filing the appeals was condoned; Misc. Applications Nos. 586, 662 and 663 of 2019 were allowed.
  Appeal: Appeal Nos. 201, 445, 101, 306, 533, 602, 603 of 2019, 32, 97 and 98 of 2020, and Appeal No.615 of 2019 were decided by common SAT order dated 30 April 2021; operative disposition for Ajay Bankda, the company and Jagdish Prakash Bagaria is not included in the supplied text.
• Fraudulent and unfair trade practices involving a GDR issue whose proceeds were secured against a loan to the sole subscriber, followed by conversion of GDRs into shares and sale in the Indian securities market.
  Appeals were heard and decided by a common order. · Delay in filing the appeals was condoned; Miscellaneous Applications Nos. 586, 662 and 663 of 2019 were allowed.
  Appeal: Appeal Nos. 201, 445, 101, 306, 533, 602, 603 of 2019, 32, 97 and 98 of 2020, and 615 of 2019 were decided by common SAT order dated 30 April 2021; connected delay applications were allowed.
• SAT matter SATV-2D6616CCDCAF2C1C09F83629
  Order reserved after hearing the parties at length. · Parties directed to act on the digitally signed order copy sent by fax or email.
  Appeal: Appeal Nos. 201, 445, 101, 306, 533, 602, 603, 32, 97, 98 and 615 of 2019-2020 were heard; order reserved on 23 April 2021.
• Fraudulent GDR issue where proceeds were pledged to fund sole subscriber, creating false subscription, later converted to equity and sold in India.
  Delay condoned; Misc. Applications 586, 662, 663 of 2019 allowed · WTM 5-year market restraint and AO penalty not sustainable against independent directors Govind Das, Bharat Kumar, Avichal
  Appeal: Appeal Nos. 201,445,101,306,533,602,603 of 2019 and 32,97,98,615 of 2019 decided by common order reserved 23.04.2021 decided 30.04.2021
• Fraudulent GDR issue where proceeds were pledged to fund the sole subscriber and never reached company, GDRs converted to equity and sold in India.
  Delay in filing appeals condoned vide Misc. Appl. 586, 662, 663 of 2019 · WTM 5-year market access restraint held unsustainable for Govind Das, Bharat Kumar, Avichal and Jyoti Bankda
  Appeal: Appeal Nos. 201,445,101,306,533,602,603,615 of 2019 and 32,97,98 of 2020 decided by common SAT order dated 30.4.2021 (reserved 23.4.2021)
• Fraudulent GDR issue where proceeds pledged to fund its own subscription by single subscriber, creating false impression of subscription, later conversion and sale in India.
  Delay in filing appeals condoned vide Misc. Appl. 586,662,663 of 2019 · WTM 5-year market access restraint and AO penalty cannot be sustained against independent directors
  Appeal: Appeal Nos. 201,445,101,306,533,602,603,615 of 2019 and 32,97,98 of 2020 decided by common order dated 30.4.2021 (reserved 23.4.2021)
• Fraudulent GDR issue where proceeds were pledged to fund its own subscription via sole subscriber, with no funds for objects, later converted to equity and sold in India.
  WTM had restrained all appellants from securities market for 5 years · AO had imposed Rs.25 lakh on Company and Rs.15 lakh each on others
  Appeal: Appeal Nos. 201,445,101,306,533,602,603,615 of 2019 and 32,97,98 of 2020 disposed by common SAT order reserved 23.4.2021, decided 30.4.2021; delay condoned vide Misc. Appl. 586,662,663 of 2019
• SAT matter SATV-A53A76E8C696E553297D8D8F
  Registry directed to correct May 18, 2018 order to include omitted Appellant No.4 name · Praecipe filed by respondent SEBI disposed of accordingly
  Appeal: Appeal No. 145 of 2018; praecipe for correction disposed on 30.05.2018
• Fraudulent GDR issue where proceeds were pledged to secure loan to sole subscriber so issue appeared subscribed but proceeds never used for stated objects.
  Delay condoned in Misc. Applications 586, 662, 663 of 2019 · WTM had restrained all appellants from securities market for 5 years
  Appeal: Appeal Nos. 201, 445, 101, 306, 533, 602, 603 of 2019 and 32, 97, 98, 615 of 2020 decided by common SAT order reserved 23.4.2021, decided 30.4.2021
• Fraudulent GDR issue where company pledged entire GDR proceeds to fund sole subscriber Vintage FZE loan, falsely showing subscription, later converting GDRs to equity and selling in India.
  Delay condoned; Misc. Applications 586, 662, 663 of 2019 allowed · Noted WTM 5-year market access restraint and AO penalties under challenge
  Appeal: Appeal Nos.201,445,101,306,533,602,603,615 of 2019 and 32,97,98 of 2020 decided by common order dated 30.04.2021, reserved 23.04.2021
• Fraudulent GDR issue where proceeds were pledged to fund sole subscriber's subscription, falsely showing full subscription, later converted to equity and sold in India.
  WTM order restrained all appellants from securities market for 5 years · AO order imposed Rs 25 lakhs on Company and Rs 15 lakh each on others
  Appeal: Appeal Nos. 201, 445, 101, 306, 533, 602, 603, 615 of 2019 and 32, 97, 98 of 2020 decided by common SAT order reserved 23.4.2021, decided 30.4.2021
• SAT matter SATV-ED3B5894EECC8F1A82ED3B29
  Condonation of 33 days delay granted and Misc. Application No. 111 of 2018 disposed of · Adjudicating Officer order dated November 30, 2017 set aside qua the appellants
  Appeal: Appeal No. 145 of 2018 disposed of on 18.05.2018; Misc. Application No. 111 of 2018 for condonation of 33 days delay allowed
• Fraudulent GDR issue where proceeds were pledged to fund the sole subscriber, falsely showing full subscription, later converted and sold in India.
  WTM order: restrained all appellants from accessing securities market for 5 years · AO order: Rs.25 lakhs penalty on Company, Rs.15 lakhs each on others
  Appeal: Appeal Nos.201,445,101,306,533,602,603 of 2019, 32,97,98,615 of 2019/2020 decided by common SAT order reserved 23.4.2021, decided 30.4.2021