Securities Appellate Tribunal

Annual listing fee payable despite trading suspension: SAT

Enchante Jewellery Ltd. Vs BSE Ltd. (SAT Mumbai)

SAT held that annual listing fee payable inspite of suspension on Trading of Securities. Listing & trading of securities are distinct terms...

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Loan agreement having peculiar structure should be disclosed under clause 36 of the listing agreement

Vishvapradhan Commercial Pvt. Ltd. Vs Securities and Exchange Board of India (Securities Appellate Tribunal Mumbai)

Held that a perusal of Clause 36 of the listing agreement provides for a company to inform the exchange on immediate basis of all events which will have a bearing on the performance/ operations of the company as well as price sensitive information....

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SAT Lifts Restrictions Imposed on Infosys Employee in insider trading case

Pranshu Bhutra Vs SEBI (Securities Appellate Tribunal Mumbai)

Pranshu Bhutra Vs SEBI (Securities Appellate Tribunal Mumbai) 1. The present appeal has been filed questioning the confirmatory order dated 15th September, 2021 confirming the ex-parte ad-interim order dated 31st May, 2021 whereby the appellant was restrained from buying or selling any securities, either directly or indirectly, till furth...

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SEBI not competent to take action against CA for lack of Due Diligence

Mani Oommen Vs SEBI (Securities Appellate Tribunal, Mumbai)

Mani Oommen Vs SEBI (Securities Appellate Tribunal) SAT held that once the appellant is not found responsible for the preparation of the financials of the company merely because he was not cautious or did not carry out due diligence properly will not suggest that the appellant colluded with the promoters and the directors of the […...

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SAT Quashes SEBI’s penalty of Rs. 20 lakhs on DHFL

Dewan Housing Finance Corporation Ltd. Vs SEBI (Securities Appellate Tribunal)

Dewan Housing Finance Corporation Ltd. Vs SEBI (Securities Appellate Tribunal) 1. The present appeal has been filed questioning the legality and validity of the order dated 29th May, 2020 passed by the Adjudicating Officer under section 15-1 of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’...

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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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