Winsome Textile Industries Ltd.

14 matters before the Securities Appellate Tribunal

Penalties and directions recorded

WTM restrained Winsome from accessing the securities market for three years
Winsome penalized Rs. 4.40 crore
Noticee no. 4 directed to disgorge Rs. 1,11,52,500 jointly and severally with noticees 2 and 3
Noticee no. 2 debarred for two years and penalized Rs. 44 lakh
WTM order dated 15 December 2021 was under appeal; the excerpt records restraints, disgorgement and penalties imposed by SEBI.

SAT-appeal

Alleged fraudulent GDR scheme involving undisclosed pledge and loan agreements, misleading disclosure of subscription, and use of GDR proceeds to finance the sole subscriber, violating Section 12A and PFUTP Regulations.
WTM restrained Winsome from accessing the securities market for three years · Winsome directed to bring back outstanding GDR proceeds of USD 9.018 million
Appeal: Appeal Nos. 348, 251, 342, 343 and 345 of 2022 heard together; decision dated 13 September 2023; merits outcome not included in the provided text
Alleged fraudulent GDR scheme involving undisclosed loan and pledge agreements, misleading disclosure that the issue was fully subscribed by foreign investors, and diversion/adjustment of GDR proceeds.
WTM order dated 15 December 2021 was under appeal; the excerpt records restraints, disgorgement and penalties imposed by SEBI. · Winsome was restrained from accessing the securities market for three years and directed to bring back USD 9.018 million.
Appeal: Appeal Nos. 348 of 2022, 251 of 2022, 342 of 2022, 343 of 2022 and 345 of 2022 were filed before SAT; decision dated 13 September 2023; disposal outcome is not included in the supplied excerpt.
SAT matter SATV-082E1E509ECEDF6FC8D1EBFF
All listed appeals were directed to be listed on 17 May 2023. · Parties were directed to act on the digitally signed copy of the order.
Appeal: Appeal Nos. 251, 342, 343, 345 and 348 of 2022 were pending and listed for 17 May 2023; no disposal on merits stated.
SAT matter SATV-31E67AA98882FA62C011BC8B
List all connected appeals on 17 May 2023 · Parties directed to act on the digitally signed copy of the order
Appeal: Appeal Nos. 251, 342, 343, 345 and 348 of 2022 were listed together; no disposal on merits stated.
Fraudulent GDR issue where USD 9.99 mn issue was subscribed by sole entity Vintage FZE using loan secured by pledge of GDR proceeds itself; appellant involved in first-stage subscription fraud.
Appeal No.21 of 2023 allowed · Disgorgement direction in para 88(vii) r/w para 66 of WTM order set aside
Appeal: Appeal No.21 of 2023 allowed on 15.10.2025; disgorgement and Rs.67 Cr penalty set aside, penalty quantum remitted to SEBI
SAT matter SATV-4FD5A768233DDAB57D265966
Arguments continuing; matter put up on May 18, 2023 · Parties to act on digitally signed copy; certified copy available from Registry on payment
Appeal: Appeal Nos. 251, 342, 343, 345 and 348 of 2022 pending; arguments continuing on 17.05.2023, next hearing 18.05.2023
SAT matter SATV-41220970007D8DDA0D8731D5
All matters listed on 25 April 2023 · Parties directed to act on the digitally signed copy of the order
Appeal: Appeal Nos. 251, 342, 343, 345 and 348 of 2022 were before SAT; order dated 12 April 2023 adjourned them to 25 April 2023
SAT matter SATV-A96A805694817DFAECF68CCE
Adjourned on request of appellants, list on July 15, 2022 · Parties to act on digitally signed copy signed by Private Secretary on behalf of bench
Appeal: Appeal No. 348 of 2022 with Misc. Application No. 625 of 2022 pending; adjourned on appellants' request, next listing July 15, 2022
SAT matter SATV-DE79FFA84FFF801B29802AFE
Heard counsel for parties, order reserved · Written submissions, if any, may be filed within two weeks
Appeal: Appeal Nos. 251, 342, 343, 345 and 348 of 2022 heard on 18.05.2023; order reserved
SAT matter SATV-F97FD37397890F0BABBD40D7
Delay in filing Appeal No. 348 of 2022 condoned; Misc. Application No. 625 of 2022 allowed · Appeal No. 348 of 2022 connected with Appeal No. 342 of 2022
Appeal: Appeal No. 348 of 2022 with Misc. Application No. 625 of 2022 - delay condoned, pending, connected with Appeal No. 342 of 2022, next date 24 August 2022
Fraudulent GDR scheme where GDR proceeds were pledged with EURAM Bank to fund sole subscriber Vintage FZE, with non-disclosure of loan/pledge agreements and misleading fully-subscribed announcement.
Winsome restrained from securities market for 3 years and directed to bring back USD 9.018 million GDR proceeds · Penalty of Rs. 4.40 crore on Winsome for PFUTP violation
Appeal: Appeal Nos. 348, 251, 342, 343 and 345 of 2022 against WTM order dated December 15, 2021; Order Reserved on 18.05.2023, Date of Decision 13.09.2023
Fraudulent GDR issue where proceeds were pledged to fund sole subscriber Vintage FZE, with non-disclosure of loan/pledge agreements and misleading fully-subscribed announcement.
Winsome restrained from accessing securities market for 3 years · Winsome directed to bring back outstanding GDR proceeds USD 9.018 million
Appeal: Appeal Nos.348,251,342,343,345 of 2022, Order Reserved 18.05.2023, Date of Decision 13.09.2023
Fraudulent GDR scheme where Winsome pledged GDR proceeds with EURAM Bank to fund sole subscriber Vintage FZE and misled market that issue was fully subscribed by foreign investors.
Winsome restrained from accessing securities market for 3 years · Winsome directed to bring back outstanding GDR proceeds USD 9.018 million
Appeal: Appeal Nos. 348, 251, 342, 343, 345 of 2022 against WTM order dated 15.12.2021; SAT reserved 18.05.2023, decided 13.09.2023

Other

SAT matter SATV-80737141A1E57E0F75DCCB34
Heard in part · List on 26 April 2023
Appeal: Appeal Nos. 251, 342, 343, 345, 348 of 2022 with Misc. Applications 910, 900, 912, 625 of 2022 heard in part on 25.4.2023, listed on 26 April 2023; no disposal

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Source: SecMarx — Winsome Textile Industries Ltd.. 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.