SAT judgments

Securities Appellate Tribunal (SAT) – An Overview

Corporate Law - Securities Appellate Tribunal is a statutory body established under the provisions of Section 15K of the Securities and Exchange Board of India Act, 1992 to hear and to dispose appeals against orders passed by the Securities and Exchange board of India or by an adjudicating officer under the Act....

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Satyam founder B Ramalinga Raju gets 6-month sentence in SFIO case

Corporate Law - A local court from Hyderabad on 08.12.2014 convicted Satyam founder B Ramalinga Raju, accused of one of the most sensational corporate frauds  in the country, and other accused in connection with complaints filed by Serious Fraud Investigation Office (SFIO)....

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Unpublished Price Sensitive Information- SAT fixes commencement period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 Vs SEBI (SAT) - SAT determined and confirmed period from which Unpublished Price Sensitive Information shall be deemed to have come into force...

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Impose penalty for each offence independently for delay or default in making disclosures- SAT

Splash Media & Infra Ltd. Vs Securities and Exchange Board of India - Since failure to make disclosure under each regulation constitutes independent offence attracting independent penalty, in the facts of present case, where there are multiple offences it would be just and proper to impose penalty for each offence independently depending upon the delay or default in m...

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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...

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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 ca...

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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 th...

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Govt. revises retirement age for Presiding officers of SAT

Notification No. S.O. 1702(E) - (29/05/2017) - No person is qualified to be appointed as the Presiding Officer- (a) of the Securities Appellate Tribunal established under the Securities Exchange Board of India Act, 1992 (15 of 1992), unless he is, or has been, a judge of Supreme Court or Chief Justice of High Court or a Judge of High Court for a...

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Recent Posts in "SAT judgments"

Govt. revises retirement age for Presiding officers of SAT

Notification No. S.O. 1702(E) (29/05/2017)

No person is qualified to be appointed as the Presiding Officer- (a) of the Securities Appellate Tribunal established under the Securities Exchange Board of India Act, 1992 (15 of 1992), unless he is, or has been, a judge of Supreme Court or Chief Justice of High Court or a Judge of High Court for at least seven years;...

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Securities Appellate Tribunal (SAT) – An Overview

Securities Appellate Tribunal is a statutory body established under the provisions of Section 15K of the Securities and Exchange Board of India Act, 1992 to hear and to dispose appeals against orders passed by the Securities and Exchange board of India or by an adjudicating officer under the Act....

Read More
Posted Under: Corporate Law |

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...

Read More

Satyam founder B Ramalinga Raju gets 6-month sentence in SFIO case

A local court from Hyderabad on 08.12.2014 convicted Satyam founder B Ramalinga Raju, accused of one of the most sensational corporate frauds  in the country, and other accused in connection with complaints filed by Serious Fraud Investigation Office (SFIO)....

Read More
Posted Under: Corporate Law |

Impose penalty for each offence independently for delay or default in making disclosures- SAT

Splash Media & Infra Ltd. Vs Securities and Exchange Board of India

Since failure to make disclosure under each regulation constitutes independent offence attracting independent penalty, in the facts of present case, where there are multiple offences it would be just and proper to impose penalty for each offence independently depending upon the delay or default in making disclosures which are mandatory....

Read More
Posted Under: Corporate Law |

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...

Read More

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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