{"id":250189,"date":"2021-06-23T09:08:06","date_gmt":"2021-06-23T03:38:06","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=250189"},"modified":"2021-07-31T09:11:52","modified_gmt":"2021-07-31T03:41:52","slug":"preferential-allottees","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/23\/preferential-allottees\/","title":{"rendered":"SAT | SEBI exonerated preferential allottees, exit providers and LTP contributors from manipulation | SAT terms it \u2018cryptic\u2019"},"content":{"rendered":"

Securities Appellate Tribunal (SAT):<\/strong> A Bench of Justice Tarun Agarwala SEBI(Presiding Officer) and M.T. Joshi (Judicial Member) allowed a few appeals and dismissed the others while hearing a group of appeals and termed the order cryptic, in so far as it exonerated the preferential allottees, exit providers and the LTP contributors from the <\/strong>charge of Section 12A(a),(b) and (c) of the SEBI Act read with Regulation 3 and 4 PFUTP Regulations on the ground that they had no role to play in the price manipulation.<\/p>\n

The present appeal was against the order passed by the SEBI for restraining the appellants and the six entities from accessing the securities market for a period of five years and further freezing the shares and mutual funds units lying in their Demat accounts for the same period. The group of appeal was divided into two categories. The entities in the first set of appeals being, appeals nos. 102, 44, 85, 235, 246, 247, 571, 572, 573, 575 and 581 of 2020 and were called the \u2018appellants\u2019. The entities in the second set of appeals being, appeals nos. 178, 179, 180 and 181 were called \u2018six entities\u2019. \u00a0Noticing the sharp rise in the trading volume and price in the scrip of the Company, SEBI conducted an investigation in the trading in the scrip of the Company and, based on the investigation, SEBI passed an ex parte ad interim <\/em>order dated May 8, 2015, against 178 entities. The 178 entities were categorised as:- (i) The Company; (ii) The directors and promoters of the Company; (iii) The promoter related entities; (iv) The preferential allottees; (v) The exit providers; (vi) The LTP contributors.<\/p>\n

It was revealed that the entire modus operandi was a scheme devised to provide ill gotten gains to the preferential allottees and promoter related entities, and that the increase in the trading volume occurred after lock in period expired of the preferential allottees. It was further found that there were two sets of entities; one group was primarily involved in pushing up the price when the shares were under the lock in period and the second group was acting as buyers in patch-2 in order to provide an exit opportunity to the preferential allottees. On the basis of which, whole time member found that the appellants had violated the PFUTP provisions.<\/p>\n

The Appellate Tribunal was of that opinion that,<\/p>\n

\u201c\u2026We find from a perusal of the record that the preferential allottees gained the most of more than Rs. 430 crore but what we find is that the WTM has exonerated, by a cryptic order, the preferential allottees, exit providers and the LTP contributors from the charge of Section 12A(a),(b) and (c) of the SEBI Act read with Regulation 3 and 4 PFUTP Regulations on the ground that they had no role to play in the price manipulation.<\/p>\n

Further<\/p>\n

\u201c\u2026We are of the opinion that the appellants stands on a better footing than that of the preferential allottees and if the preferential allottees have been let off on the ground that they have not manipulated the price nor had any role to play in the price manipulation, then all the more reasons to hold for the appellants that they had no role to play in the manipulation of the price and are therefore liable to be exonerated\u2026\u201d.<\/em><\/p>\n

And it thus states that,<\/p>\n

\u201c\u2026 In our opinion this finding is perverse. We are of the opinion that the respondents are adopting dual standards. The issue of weak fundamentals would equally apply to the preferential allottees who were allotted the shares at rate of Rs. 10\/- per share but these preferential allottes have been let off. Therefore the standard of weak fundamentals cannot be applied in the case of the appellants especially when on the same footing the preferential allottees have been let off. And, \u201c\u2026in our opinion, the order of the WTM insofar as the six entities are concerned does not suffer from any manifest error of law\u2026\u201d.<\/em><\/p>\n

[Umang Dhanuka v. SEBI, 2021 SCC OnLine SAT 158<\/b><\/a>, decided on 08-06-2021]<\/p>\n","protected":false},"excerpt":{"rendered":"

Securities Appellate Tribunal (SAT): A Bench of Justice Tarun Agarwala SEBI(Presiding Officer) and M.T. Joshi (Judicial Member) allowed a few appeals and <\/p>\n","protected":false},"author":67011,"featured_media":209781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[29785,46307,15441,2563],"class_list":["post-250189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-law","tag-preferential-allottees","tag-sat","tag-SEBI"],"yoast_head":"\nSAT | SEBI exonerated preferential allottees, exit providers and LTP contributors from manipulation | SAT terms it \u2018cryptic\u2019 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/23\/preferential-allottees\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SAT | SEBI exonerated preferential allottees, exit providers and LTP contributors from manipulation | SAT terms it \u2018cryptic\u2019\" \/>\n<meta property=\"og:description\" content=\"Securities Appellate Tribunal (SAT): A Bench of Justice Tarun Agarwala SEBI(Presiding Officer) and M.T. 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| Manipulation in prices, fraudulent scheme results in debarment-Global Infratech, Directors and 12 other entities ousted from the market","author":"Editor","date":"July 23, 2021","format":false,"excerpt":"Securities Exchange Board of India (SEBI): Madhabi Puri Bach, Whole Time Member, considering the alleged violations committed, issued directions restraining Global Infratech and Finance Ltd (GIFL), its two directors and 12 other individuals from the securities market for their roles in a fraudulent scheme of trading in the firm's shares\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":241109,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/12\/23\/sat-the-strategy-of-momentum-trading-is-about-creating-its-own-momentum-inimical-to-the-interest-of-the-securities-market-and-is-violative-of-pfutp-regulations\/","url_meta":{"origin":250189,"position":1},"title":"SAT | The strategy of \u2018momentum trading\u2019 is about creating its own momentum inimical to the interest of the securities market and is violative of PFUTP regulations","author":"Editor","date":"December 23, 2020","format":false,"excerpt":"Securities Appellate Tribunal (SAT):The Bench of Justice Tarun Agarwala (Presiding Officer), Justice M. T. Joshi and Dr C. K. G. Nair Member dismissed the appeal on the ground that the trading strategy used by the appellants was violative of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to the\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":255417,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/11\/calibrated-efforts-cancelling-out-the-chance-of-coincidence-of-matching-trades-in-illiquid-scrip-does-not-go-scot-free\/","url_meta":{"origin":250189,"position":2},"title":"SEBI | Calibrated efforts cancelling out the chance of coincidence of matching trades in illiquid scrip does not go scot free-Restricted from the market for manipulation","author":"Editor","date":"October 11, 2021","format":false,"excerpt":"Securities and Exchange Board of India (SEBI)-Madhabi Puri Buch, Whole Time Member, while exercising powers under Section 19 read with Sections 11(1), 11(4) and 11B (1) and 11B(2) of the Securities and Exchange Board of India Act, 1992 restricted the Noticees involved in manipulation of the scrip. In the present\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":242243,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/01\/14\/establishment-of-direct-quantified-damage-loss-to-an-investor-in-personam-is-not-an-essential-ingredient-to-prove-charges-of-price-manipulation-sebi-explains\/","url_meta":{"origin":250189,"position":3},"title":"Establishment of direct quantified damage\/loss to an investor in personam is not an essential ingredient to prove charges of price manipulation; SEBI explains","author":"Editor","date":"January 14, 2021","format":false,"excerpt":"Securities and Exchange Board of India (SEBI): S.K. Mohanty, (Whole Time Member) while holding the Noticees liable for manipulative trade practises explained, \u201cEstablishment of direct quantified damage\/loss to an investor in personam is not an essential ingredient to prove the charges of the price manipulation. 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Armed Forces Tribunal \u2666 AFT | Pension cannot be denied for disability being less than 20% where the disability is assessed at 15-19%\u201c The assessment of disability to the\u2026","rel":"","context":"In "Tribunals\/Regulatory Bodies\/Commissions Monthly Roundup"","block_context":{"text":"Tribunals\/Regulatory Bodies\/Commissions Monthly Roundup","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/tribunals-regulatory-bodies-commissions-monthly-roundup\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/06\/MicrosoftTeams-image-5-5.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/06\/MicrosoftTeams-image-5-5.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/06\/MicrosoftTeams-image-5-5.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/06\/MicrosoftTeams-image-5-5.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/06\/MicrosoftTeams-image-5-5.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":271254,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/05\/sat-shareholders-can-ratify-directors-breach-of-duty-through-a-special-resolution\/","url_meta":{"origin":250189,"position":5},"title":"SAT| Shareholders can ratify Director’s Breach of Duty through a special resolution","author":"Editor","date":"August 5, 2022","format":false,"excerpt":"Securities Appellant Tribunal, Mumbai: The Bench of Tarun Agarwala, J., Presiding Officer, and Meera Swarup, Technical Member, while allowing the appeals held that the shareholders of the company by passing a Special Resolution can ratify the Director's Breach of Duty. Background of the case The Appellant, Terrascope Ventures Ltd., previously\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"SAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/MicrosoftTeams-image-401.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/MicrosoftTeams-image-401.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/MicrosoftTeams-image-401.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/MicrosoftTeams-image-401.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/MicrosoftTeams-image-401.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/250189","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=250189"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/250189\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/209781"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=250189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=250189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=250189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}