Usha S. Patel

SAT-appeal

• The underlying SEBI proceedings concerned violations resulting in alleged illegal gains of Rs.54,73,685; specific charge provisions are not stated in the SAT order.
  Delay of 48 days in filing Miscellaneous Applications Nos.349 and 350 of 2017 condoned. · Appeals Nos.379 and 380 of 2017 disposed of with clarification that impugned-order findings shall not prejudice appellants in appeals against the AO orders dated 26 August 2015.
  Appeal: Appeal Nos.379 and 380 of 2017 disposed of on 16 January 2018; related appeals against the AO orders dated 26 August 2015 were noted as pending.
• SAT matter SATV-B90DCFF99440CDD200646024
  Delay of 48 days in filing Appeals 379-380/2017 condoned; Misc Applications 349-350/2017 disposed · Appeals 379-380/2017 disposed with clarification that WTM findings shall not prejudice AO-order appeal
  Appeal: Appeal Nos. 379 and 380 of 2017 disposed on 16.1.2018; separate appeal against AO order dated 26.8.2015 pending (number not stated)
• Fraudulent scheme by 19 connected entities to manipulate price/volume of S.J. Corporation Ltd scrip in violation of Section 12A and PFUTP Regulations.
  Seven appeals heard together with Appeal No.525 of 2015 as lead case for common disposal · Impugned AO order had directed 13 entities to disgorge illegal gains
  Appeal: Appeal Nos.456,513,525,526,531,535,536 of 2015 against AO order dated 26.08.2015; reserved 05.03.2018, decided 25.04.2018; no appeal against WTM orders dated 05.02.2010 and 24.12.2010
• Alleged fraudulent scheme by 19 connected entities manipulating S.J. Corporation Ltd scrip price up ~2000% during Mar 2008-Oct 2009.
  13 entities directed to disgorge illegal gains per AO order 26.08.2015 · 19 entities directed to pay Rs.2.5 crore penalty jointly and severally per AO order
  Appeal: Appeal Nos. 456, 513, 525, 526, 531, 535, 536 of 2015 with Misc. Appl. 379-380/2015; Reserved 05.03.2018, Decision 25.04.2018, lead case 525/2015
• Fraudulent scheme and price manipulation in scrip of M/s S.J. Corporation Ltd. by 19 connected entities, raising price ~2000% during investigation period.
  13 entities directed to disgorge illegal gains per AO order dated August 26, 2015 · All 19 entities directed to pay penalty of Rs. 2.5 crore jointly and severally per AO order
  Appeal: Appeal Nos. 456, 513, 525, 526, 531, 535, 536 of 2015 reserved on 05.03.2018, decided on 25.04.2018 against AO order dated 26.08.2015
• Fraudulent scheme and price manipulation in scrip of S.J. Corporation Ltd by 19 connected entities in illiquid scrip
  Seven appeals heard together with Appeal No.525/2015 as lead case for common decision · AO order of disgorgement by 13 entities and Rs.2.5 cr joint penalty on 19 entities under challenge
  Appeal: Appeal Nos.456,513,525,526,531,535,536 of 2015 reserved 05.03.2018, decided 25.04.2018; no appeal against WTM orders of 05.02.2010/24.12.2010