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SAT upholds order passed by SEBI in matter of GDR issue of Jindal Cortex Ltd.

February 10, 2020[2020] 114 123 (SAT - Mumbai)

COMPANY LAW : Where appellant company issued GDRs which were subscribed by one 'V', in view of fact that subscriber to GDR issue subsequently took a loan from foreign bank that was enabled by pledge agreement of GDRs signed between issuer company i.e. appellant herein and loaner bank, however, said information was not disclosed to investors as well as other stakeholders of company, it could be concluded that method adopted by appellant was vitiated through fraud and, thus, impugned order passed by SEBI prohibiting appellant from associating with securities market directly or indirectly for a period of five years from date of order was to be upheld

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