Mr. Vikas Gourihar Narnavar

SAT-appeal

• Promoters allegedly offloaded holdings via off-market transfers concealing identity to escape exchange surveillance with cartel assistance, and Rajendra/Jagruti Parikh failed to disclose >2% change and director holdings under Reg 13.
  Impugned adjudication findings holding appellants guilty under FUTP Regulations held unsustainable as beyond show cause notice · Findings vitiated for reliance on undisclosed investigation report, price-volume data, BSE/NSE reports, depository data and press article in violation of natural justice
• Failure to comply with SEBI summons under Section 11C (non-appearance and non-production of records) in probe into Shree Yaax Pharma and Somani Cement scrips involving alleged circular trades.
  Both Appeal Nos. 278 and 280 of 2009 dismissed · AO penalties of Rs. 50,000 and Rs. 1,00,000 upheld
  Appeal: Appeal Nos. 278 and 280 of 2009 disposed on 27.1.2010 - both dismissed
• Collusive creation of artificial volumes and price increase in illiquid scrip Saarc Net Ltd in violation of Regulation 4
  Impugned AO order set aside · Case remitted to adjudicating officer for fresh enquiry in accordance with law
  Appeal: Appeal No. 281 of 2009 allowed on 15 June 2010, impugned order set aside and remanded
• SAT matter SATV-6648EF37DBFFF9C23D11DAA0
  Disposed in same terms as Appeal No. 44 of 2009 decided on 21.1.2010
• Failure to appear before investigating officer and produce documents despite two summons in investigation into trading in Eltrol Limited, violating Section 11C.
  Appeal dismissed and AO Rs. 5 lacs penalty upheld · No order as to costs
  Appeal: Appeal No. 57 of 2010 with Misc. Application No. 32 of 2010 dismissed on 20.4.2010
• SAT matter SATV-A5B123AAEB1BFA46538EFE04
  Same order as in Appeal No. 278 of 2009 decided on 27.1.2010
  Appeal: Appeal No. 280 of 2009 decided on 27.1.2010 - disposed vide same order as Appeal No. 278 of 2009