Securities Appellate Tribunal

Seize ₹ 3.83 Cr from Dynamatic CEO in Insider Trading case: SEBI

Dr. Udayant Malhoutra Vs SEBI (SAT Mumbai)

Dr. Udayant Malhoutra Vs SEBI (Securities Appellate Tribunal, Mumbai) 1. The present appeal has been filed against an ex-parte order dated June 15, 2020 passed by the Whole Time Member (‘WTM’ for short) of Securities and Exchange Board of India (‘SEBI’ for short) directing the appellant to deposit a sum of Rs. 2,66...

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Proceedings cannot be quashed merely for delay in launching: SAT

Pooja Vinay Jain Vs SEBI (Securities Appellate Tribunal)

In the present case, the appellant neither put a plea of prejudice before the AO nor before us. It was simply stated that since the proceedings were launched by respondent SEBI after a period seven years, the same should be quashed on the ground of delay. The record would show that all the documents concerning the defense of the appellant...

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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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September 2020