DKG Buildcon Pvt. Ltd. vs Adjudicating and Enquiry Officer, S. E. B. I.

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2022 Supreme(SC) 932

AJAY RASTOGI, B. V. NAGARATHNA
DKG Buildcon Pvt. Ltd. – Appellant
Versus
Adjudicating and Enquiry Officer, S. E. B. I. – Respondent

Advocates appeared:
For the Appellant(s) : Mr. Ambhoj Kumar Sinha, AOR Mrs. Deeksha Mishra, Adv. Mr. Debmalya Banerjee, Adv. Mr. Rohan Sharma, Adv. Mr. Kartik Bhatnagar, Adv. Mr. Anmol, Adv. Mr. Nicholas Choudhury, Adv. Mr. Shreesh Chadha, Adv. Mr. Atul Sinha, Adv. M/S. Karanjawala & Co., AOR
For the Respondent(s): Mr. Pratap Venugopal, Adv. Ms. Surekha Raman, Adv. Mr. Akhil Abraham Roy, Adv. Mr. Vijay Valsan, Adv. M/S. K J John And Co, AOR

Table of Content
1. common procedural ruling on appeals. (Para 1 , 2)
2. background on the corporations and share manipulation. (Para 3 , 4 , 5 , 6)
3. sebi's investigative findings and subsequent penalties. (Para 7 , 11)
4. details regarding the procedural issues faced by appellants. (Para 8 , 10 , 12 , 13 , 17 , 18)
5. court's analysis of violations and rationale for penalties. (Para 21 , 22 , 26 , 29 , 33)
6. application of penalties in light of established facts. (Para 37 , 39 , 40 , 44)
7. final judgment confirms prior orders and penalties. (Para 46)

JUDGMENT :

1. These Civil Appeals arise out of common impugned Order dated 07.01.2009 passed by the Securities Appellate Tribunal, Mumbai (for short “SAT”).

3. The appellant in Civil Appeal No. 1742 of 2009 is a Private Limited Company which was incorporated under the Companies Act, 1956 on 15.04.1997. The appellant in Civil Appeal No. 5833 of 2009 was incorporated under the Companies Act, 1956 on 02.06.1997.

5. Investigations further revealed that the appellants had transferred the shares of STIL to a Company under the name and style of Sai Mangal Investrade Pvt. Ltd. (for short ‘SMIPL’). Similarly, entities like Classic Credit Limited, Gol

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2022 Supreme(SC) 932

AJAY RASTOGI, B. V. NAGARATHNADKG Buildcon Pvt. Ltd. – AppellantVersusAdjudicating and Enquiry Officer, S. E. B. I. – Respondent

AJAY RASTOGI, B. V. NAGARATHNA
DKG Buildcon Pvt. Ltd. – Appellant
Versus
Adjudicating and Enquiry Officer, S. E. B. I. – Respondent