Securities Appellate Tribunal

SAT quashes Appeal filed by PWC, No Extension to carry out audit

Price Waterhouse & Co. Bangalore LLP Vs. SEBI (Securities Appellate Tribunal)

Price Waterhouse & Co. Bangalore LLP Vs SEBI (Securities Appellate Tribunal) 1. By this Miscellaneous Application Applicants / Original Appellants seek extension of the period of interim relief granted by this Appellate Tribunal vide order dated 15.02.2018. By the said order Applicants /Appellants were allowed to continue with the aud...

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Unpublished Price Sensitive Information- SAT fixes commencement period

Mrs. Chandra Mukherji and Shelter Infra Projects Pvt. Ltd. Vs SEBI (SAT)

SAT determined and confirmed period from which Unpublished Price Sensitive Information shall be deemed to have come into force...

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Liability of Directors for Events Taken Place Before Appointment- SAT Ruling

Mr. Nimain Charan Biswal (Securities And Exchange Board Of India)

In one of the recent rulings of the SAT, Mumbai, the interim order passed by SEBI in the matter of Neesa Technologies Limited(Company) has been quashed qua one of the directors i.e. Mr. Nimain Charan Biswal who had joined and resigned from the directorship of the Company before the issuance of Non-convertible Debentures (NCDs),the subject...

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Those who are aggrieved by NSE decision can file an appeal not the one who benefited -SAT

Victor Fernandes Vs National Stock Exchange of India Ltd. (Security Appelate Tribunal, Mumbai)

The case of the appellants is that they are aggrieved by the decision of NSE to grant listing and trading approval to the equity shares issued by respondent no. 4 under the rights issue. Surprisingly, the appellants have not made any prayer for setting aside or cancellation of the permission granted by NSE for listing of the said rights i...

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SAT – After justification of alleged manipulative transactions subsequent accusation of misuse of account by broker cannot absolve appellant from penalty

Sandeep Jain Vs Securities and Exchange Board of India (Securities Appelate Tribunal Mumbai)

We agree with learned counsel for the respondent Board that the alibi, that appellant does not understand English is not acceptable as he has given all his information in the KYC form in English and has also signed the said application form in English. His reply dated January 27, 2009 to the show cause notice is also in English where he h...

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Penalty for violation of takeover code to be imposed on each violator separately

R. Shankar Vs Securities & Exchange Board of India (Securities Appelate Tribunam Mumbai)

The allotment of shares on preferential basis to the appellants before us is not in dispute. The allotment of preferential shares was made to the connected parties as concluded by the adjudicating officer in the impugned order. The interconnection between them has also been clearly brought out by the adjudicating officer in the impugned o...

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Whether trader indulging in front running can be held guilty of violating regulations 3 and 4 of FUTP regulations?

Sujit Karkera Vs Adjudicating Officer, Securities and Exchange Board of India (Securities Appellate Tribunal, Mumbai)

Transactions impugned in the order of the adjudicating officer took place in the ordinary course of business through the stock exchange mechanism and there was no connivance with CGMMPL and there was no knowledge about the counter party and time of execution. According to him, the transactions were at the market rate and they were not dic...

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One cannot buy and sell shares from himself

Anita Dalal Vs Securities and Exchange Board of India (Securities Appellate Tribunal, Mumbai)

The appellant has been found guilty of self trade as well. Self trades admittedly are illegal. This Tribunal has held in several cases that self trades call for punitive action since they are illegal in nature. ...

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Close business association between two or more persons does not by itself make them person acting in concert

Triumph International Finance India Ltd. Vs SEBI (Securities Appellate Tribunal Mumbai)

We have carefully perused the show cause notice which was common to all the six entities including the appellant who were alleged to have acted in concert with each other in the acquisition of the shares of the target company. Apart from making a bald assertion in para S of that notice that all the notices were acting in concert, there is...

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Power of acquirer to nominate its one director on board of directors consisting of ten directors does not result in giving any effective control

Subhkam Ventures (I) Pvt. Ltd. Vs. SEBI (Securities Appellate Tribunal, Mumbai)

No acquirer shall acquire shares or voting rights which (taken together with shares or voting rights, if any, held by him or by persons acting in concert with him), entitle such acquirer to exercise fifteen per cent or more of the voting rights in a company, unless such acquirer makes a public announcement to acquire shares of such compan...

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