Zenith Highrise Infracon Ltd.

3 matters before the Securities Appellate Tribunal

Penalties and directions recorded

WTM order remains set aside in entirety; benefit extends to non-appealing directors
Held allotment to 47 persons is private placement with no violation of Section 67(3)

SAT-appeal

Alleged deemed public issue of 43,040 Redeemable Preferential Shares to 50 or more persons in violation of Section 67(3) Companies Act, 1956.
Appeals No. 459 of 2018 and 460 of 2018 allowed · WTM order dated July 27, 2018 quashed
Appeal: Appeal Nos. 459 of 2018 and 460 of 2018 reserved on 10.02.2020, decided and allowed on 25.02.2020
Alleged issuance of redeemable preference shares to more than 50 persons constituting deemed public issue in violation of Section 67(3) Companies Act, 1956.
SEBI Misc. Application No. 189 of 2020 seeking speaking to minutes rejected as frivolous · WTM order remains set aside in entirety; benefit extends to non-appealing directors
Appeal: Appeal Nos. 459 and 460 of 2018 allowed by SAT judgment dated 25 February 2020; Misc. Application No. 189 of 2020 rejected on 17.07.2020
Alleged deemed public issue of 43,040 RPS to 50 or more persons in FY 2012-13 in violation of Section 67(3) Companies Act without public-issue compliance
Appeals allowed · WTM order dated 27 July 2018 quashed / set aside
Appeal: Appeal Nos. 459 of 2018 and 460 of 2018 allowed by SAT decision dated 25.02.2020 (reserved 10.02.2020)

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Source: SecMarx — Zenith Highrise Infracon 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.