Tilak Ventures Limited
Penalties and directions recorded
- Impugned AO orders imposing penalties were quashed and set aside.
- AO orders quashed; Appeal Nos. 650, 658, 952 of 2022 allowed
SAT-appeal
- Essar (India) Limited allegedly funded the appellants' preferential allotment subscriptions, creating a false impression of fund infusion and constituting an unfair trade practice.Impugned AO orders imposing penalties were quashed and set aside. · All three appeals were allowed with no order as to costs.Appeal: Appeal Nos. 650, 658 and 952 of 2022 were allowed by SAT on 31 October 2023; impugned AO orders were quashed.
- The impugned SEBI order found that funds from preferential share issues were diverted under the guise of loan repayments to the appellants and directed the three noticees to restore the amount to the company.Appeal No. 28 of 2024 by Handful Investrade Pvt. Ltd. dismissed as not maintainable. · Appeal No. 29 of 2024 by Banas Finance Ltd. dismissed as not maintainable.Appeal: Appeal Nos. 28 and 29 of 2024 dismissed by SAT on 30 April 2024; Tilak Ventures Limited had separately challenged the impugned SEBI order.
- SAT matter SATV-3F7B5E29D354770FEE03660BMatter adjourned and listed on 13 August 2025Appeal: Appeal No. 687 of 2023 was pending; on 6 August 2025, the appellants sought time and the matter was listed for 13 August 2025.
- SAT matter SATV-45B436AE521C4A33547296EFAppellants granted two weeks' time to file rejoinder, subject to the matter being called finally on 13 March 2025Appeal: Appeal No. 687 of 2023 with Miscellaneous Application No. 1054 of 2023; order dated 15 January 2025; rejoinder issue adjourned for final hearing on 13 March 2025
- Alleged diversion of preferential issue proceeds of Tilak Ventures in guise of loan repayments to connected finance companies.Appeal Nos. 28 and 29 of 2024 dismissed as not maintainable; no direction against appellants in ED order · Appellants defence against any future recovery proceedings by Tilak Ventures kept openAppeal: Appeal Nos. 28-29 of 2024 dismissed 30.04.2024; Tilak Ventures separate challenge to same ED order noted as pending
- Essar (India) Ltd allegedly funded its own preferential allotment to appellants, creating false impression of fund infusion.AO orders quashed; Appeal Nos. 650, 658, 952 of 2022 allowed · No order as to costs; Misc. Applications 1693/2022, 1430/2022 disposedAppeal: Appeal Nos. 650, 658, 952 of 2022 allowed on 31.10.2023; AO penalty orders quashed
Source: SecMarx — Tilak Ventures Limited. 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.