Securities Appellate Tribunal

SAT imposes Penalty for Non-Appointment of CS & Independent Directors

Advance Lifestyles Ltd. Vs BSE Ltd. (Securities Appellate Tribunal)

Advance Lifestyles Ltd. Vs BSE Ltd. (Securities Appellate Tribunal) Appellant made a representation to the authorities requesting for waiver / reduction of the penalty contending that for not appointing the Company Secretary and two independent directors on the Board / audit committee, the penalty may be waived under the exceptional circu...

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SAT quashes SEBI’s ban on an international professional services firm

Price Waterhouse & Co. Bangalore LLP & Ors. Vs SEBI (SAT Mumbai)

Price Waterhouse & Co. Bangalore LLP & Ors. Vs SEBI (SAT Mumbai) SAT Held that Order of Whole Time Member (WTM) of SEBI debarring the PW firms to audit listed company on the ground of PW network or projecting it as a PW brand cannot be sustained. There is no doubt that there has been […]...

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SAT reduces fine for unintentional failure to include Audit Report in XBRL

SPL Industries Ltd. Vs BSE Limited (SAT Mumbai)

SPL Industries Ltd. Vs BSE Limited (SAT Mumbai) Unintentional Failure on part of the Company to include the Audit Report in the Financial Results in XBRL uploaded on BSE website, for which BSE imposed fine of Rs. 5,54,600. However SAT reduced the penalty to Rs. 2,50,000 on the grounds that there was no deliberate intention […]...

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Companies should disclose material events promptly & ensure that they are available in public domain: SAT

M/s New Delhi Television Limited Vs SEBI (SAT Mumbai)

M/s New Delhi Television Limited Vs SEBI (SAT Mumbai) SAT upheld the order of SEBI penalising the Company and its Directors for non- disclosure of tax demand on the grounds that any information which have effect on the operations of the Company is price sensitive and must be disclosed immediately to the Stock exchange. However, […]...

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Mere upload of order on SEBI website not amounts to service of order: SAT

Dr. Prannoy Roy & Ors. Vs SEBI (SAT, Mumbai)

Dr. Prannoy Roy & Ors. Vs SEBI (SAT) it is essential for SEBI to supply a copy of the impugned order to the aggrieved party, namely, the appellants. An adjudication proceeding had been initiated by SEBI by issuance of the show cause notice. The appellants thus have the first right to be supplied a copy […]...

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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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