TaxTMI 
TaxTMI 
2023 (6) TMI 1309
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....ction of the Assessing Officer of invoking the provisions of Section 14A of the Act and in confirming the addition of Rs. 87,194/- made by the Assessing Officer thereunder. 3. That on the facts and in the circumstances of the Case, the Order passed by the Ld. CIT(Appeals)-15, is bad in law. 4 That the Appellant craves leave to submit further grounds and to amend, alter or otherwise modify the grounds already taken, if necessary, before or at the time of hearing of the Appeal." 3. Ground No.1 - The assessee vide Ground no. 1 has agitated the action of the lower authorities in disallowing and adding back the long-term capital loss suffered by the assessee in trading of shares. 4. The Assessing Officer during the assessment proceedings noted that the assessee had booked loss of Rs. 4.02 crores in trading of shares. He noted that the assessee had traded in following scrips: 1. Rutrint International Limited 2. Comfort fincap Limited 3. Luminaire technologies Limited 4. Unno Industries Limited 5. Global Infratech & Finance Ltd. The Assessing Officer noted that the facts of this case were part of larger scheme, whereb....
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....ever did not accept the aforesaid explanation of the assessee and further referred to the investigation wing report of the income tax department and observed that income tax department had searched/surveyed 32 share broking entities and more than 20 entry operators and unearthed and identified some 84 odd companies which were being used for bogus accommodation entry of gain/loss. That the aforesaid mentioned five companies in which the assessee had traded were also identified as penny stock companies from their financials, trading patterns, statement of share brokers, statement of entry operators, statement of promoters of the companies and the post search/survey enquiries. That they all have very common financial and trading patterns. That the market price of shares of these companies firstly rise to very high level and then fall within a short span of time without any genuine reason. The Assessing Officer further observed that the transaction pattern relating to shares of these companies would show that the trading in these shares were made only with the parties to whom accommodation entries were given to them to give benefit of long- term capital gain. Referring to the transacti....
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....s. 10.18 on 29.08.2014. The Assessing Officer thereafter discussed the modus operandi of penny stock companies as to how their prices are rigged by manipulation by the promoters/handlers of these companies. He denied the allegations of booking of bogus short term capital loss. Thereafter, he issued summons u/s 131 to the director of the assessee company ShriHemant Kumar Jalan and his statement under oath was recorded during the course of statement, he was confronted with the statement of various share brokers, entry operators and exit providers who have admitted about the rigging of price of shares of the aforesaid companies in which the assessee had traded. However, the director of the assessee company denied any involvement of the assessee company in share price rigging or booking of bogus capital loss and reiterated that the assessee company had bought and sold shares of aforesaid companies online on the platform of Bombay Stock Exchange through registered share broker and that there was no accommodation entries of LTCG and STCL as alleged by the Assessing Officer. However, the Assessing Officer observed as under: "12. The above submission made by the assessee is not ac....
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....rrange his affairs as to avoid taxation but the arrangement must be real, genuine or bona fide. A sham transaction or make believe transaction or colourable device cannot be part of tax planning. It is wrong to encourage or entertain the belief that it is honourable to avoid the payment to tax or to obtain any advantage or benefit for tax purpose by dubious method. The principle on the matter of tax evasion and tax avoidance as laid down by Hon'ble Supreme Court in a landmark judgment in the case of McDowell and Co. Ltd. v. CTO (1985) 154 ITR 148 (SC). The judgment is applicable where devices though seemingly legal are adopted in collusion or whether devices adopted are not genuine or bona fide but are sham, make believe or camouflaged to escape the liability for the tax or to obtain certain benefit for tax purpose." The Assessing Officer thereafter referred to certain case laws and held that considering the totality of the facts and circumstances of the case, the trading loss on shares booked by the assessee did not look genuine from a commercial point of view but were sham and bogus to book capital loss which may be set off against the business income of the assessee. He t....
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....tatement of the share brokers as referred to the assessment order. That the assessee was not beneficiaries of any long-term capital gains, rather, it was loss. That the payments for purchase of shares were made out of own funds of the assessee. That the facts of the case of the assessee were different and distinguished from the decision of Hon'ble Jurisdictional High Court in the case of PCIT vs. Swati Bajaj & Ors reported in [2022] 139 taxmann.com 352 (Calcutta), wherein, the Hon'ble Calcutta High Court has confirmed the additions of bogus long-term capital gains. The ld. counsel has submitted that even the statement of director of the assessee company was also recorded but the Assessing Officer could extract any incriminating fact from those statements. That even none of the statements referred to by the Assessing Officer in his assessment order pertained to the broker of the assessee company and that the Assessing Officer could not prove even from Investigation Wing report that the broker of the assessee company had ever indulged in manipulating share price or for booking bogus long-term capital gain/loss. That these companies were still existent companies and their shares were ....
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.... at the prices which prevailed on the BSE on the relevant transaction dates. A.ii. The trades were properly recorded and duly disclosed by the company in its books of accounts for the relevant period. Your attention is invited to peruse the company's auditor's note in its report dated 22.08.2014, which is shared on Page 6 of Paper Book - I. The relevant extract is given below: "the company is dealing and trading in shares and other investments and proper record(s) have been maintained of the transactions and contracts and timely entries have been made therein." A.iii. During the relevant year, the company actively traded in shares. To understand the company's motive, timing and rationale for entering into these trades, it is important to first step into the shoes of the company and think like a trader. When certain trades do not turn out as envisaged, it is exceedingly easy to assume that the trade seemed frivolous, devoid of merit, and callous from the get-go. Such presumptions are only possible in hindsight. However, a trading entity does not have the luxury of such hindsight and rather has to develop a keen sense of foresight to predict reasonable futu....
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....1,30,68,812/- 7,69,000 54,55,698/- 76,13,114/- 2 Comfort Fincap Limited 91,800 2,84,27,925/- 91,800 1,31,77,888/- 1,52,50,037/- 3 Luminaire Technologies Limited 2,61,161 1,00,39,653/- 2,61,161 55,92,176/- 44,47,476/- 4 Unno Industries Limited 2,00,000 60,25,664/- 2,00,000 25,68,418/- 34,57,246/- 5 Global Infratech & Finance Ltd 2,10,000 1,78,55,093/- 2,10,000 84,23,197/- 34,57,246/- Total 7,54,17,748/- 3,52,17,379/- 4,02,00,360/- A.vi. In the following paragraphs, the company has explained the rationale for undertaking trades in these scrips, the timing of entry and exit from the scrip, the genuineness of the transaction, etc.: 1.0. Rutron International Ltd. (RUTRINT 504335) 1.1. The trades taken by the company in the stock of Rutron International Ltd. ('Rutron'), having ISIN INE040N01029, were based on the company's own reading of the financials of Rutron. Rutron was a listed public company at the relevant time. The company drew valuable insights from the audited financial statements of Rutron, now known as Pazel International Ltd.....
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....), the company had purchased shares in a staggered manner in January 2014 in anticipation of trading profits. The purchase of the stock was motivated not only by the dividend but the anticipated price action that usually follows in such stocks showing a reversal in dividend payout trend. The dividend of 0.18 was a welcome aberration in the barren recent history of dividend payout on the stock. The stock of Rutron was in a sustained fall and therefore like any prudent trader, the company purchased the stock only when its price fell substantially. Copies of the contract notes have already been submitted in Paper Book - I Page 32-54. 1.4. However, the financials which showed promise were not met with an equivalent displacement in the momentum of the stock. The company, being a prudent trader switched gears and immediately cut short its losses by exiting its position in Rutron when it became apparently clear that the financials of FYE Mar'13 were not indicative of future financial performance of the stock. This view was confirmed with the stark and steep deterioration in the financial parameters of the stock (Turnover of Rs. 0.23 Crores in FYE Mar'14 as against Rs. 4.03 Crores....
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....der itsel of the case was expounded upon and relevant details including the volume and price movements in the scrip of Rutron was discussed and the conduct of the investigation in 3 patches was elucidated in the Order. Basis the investigation, show caused and their response thereto was considered. The SEBI then deliberated on the 4 issues identified by it and gave its verdict on the issue of price manipulation during a specified period in the scrip of Rutron International Limited based on its findings. The verdict inter alia restrained only the 14 noticees named in the Order from accessing the securities market for a period of 6 months. Thus, it is evident that the Order was detailed and comprehensively covere the specific entities named therein. However, nowhere has the name of the company been averred therein to imply that it was implicated in the Order nor has any reference been made to it in the operative parts of the Order where multipl have indulged in the price manipulation of the stock. Accordingly, when the company was never implicated of any wrong wholly unjustified to treat the company at par with the persons who were found guilty of wrong authorities. The loss incurred ....
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....n shares of Comfort were entered into basis the trend visible in the then latest financials of the stock available publicly. It is notable that the stock parameters had improved from its previous reporting period (Total Assets of Rs. 25.23 Crores in FYE Mar'13 as against Rs. 21.49 Crores in FYE Mar'12; Operating Profit of Rs. 1.83 Crores in FYE Mar'13 as against Rs. 86 Crore in FYE Mar'12; Reported Net Profit of Rs. 0.99 Crore in FYE Mar'13 as against Rs. 0.59 Crore in FYE Mar'12 implying an increment of 67.79% ) and the stock even started declaring dividends whose trend showed a marked upward trajectory (Equity Dividend of Rs. 0.54 Crores in FYE Mar'13 as against Rs. 0.22 Crore in FYE Mar'12 and NIL inFYE Mar'11 and Mar'10 implying a trend reversal and a dividend payout of 59.60%). The purchase of the stock was timed in anticipation of the expected price action that usually follows in such stocks showing a reversal in dividend payout trend. Copies of the contract notes have already been submitted in Paper Book - I Page 32-54. 2.4. However, the financials of the next reporting period indicating performance during the material time, viz., FY13-14, were contrary to the upwar....
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....follows that the company cannot be held guilty of price manipulation in respect of the trades conducted in shares of Comfort and in that view of the matter the loss incurred therein by the company was genuine. This coupled with the rationale of the trades taken in Comfort clearly shows that the company had genuinely suffered losses in the trades of the stock of Comfort and therefore the same deserves to be allowed in full. 3.0 Luminaire Technologies Limited (LUMITECH 526045) 3.1. The company traded in the stock of Luminaire Technologies Ltd. ('Luminaire'), having ISIN INE682C01021.Luminaire was later also known as Straus Industries and Exports Limited. Its stock was last traded on the BSE on 29th August, 2016.Based on the company's own reading of the financials and technical charts of Luminaire, which was public company at the relevant time, the company decided to trade in its stock. The company drew valuable insights from its reading of the technical charts of Luminaire which were readily available in the public domain and widely used by other market participants also. 3.2 The company submits that the trade was undertaken based solely on the pattern oftr....
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.... FYE Mar'14 as against -1.55% for FYE Mar'13). 3.5. As visible from the graph of the stock shared below, had the company not exited the stock timely in early March 2014, the losses would have beenconsiderably larger. Notably, the stock is no longer trade bourses. The company clearly averted a much larger loss by acting quickly on the information available before it. The dot in blue represents the tentative price/s at which the stock of Luminaire was bought and the dot in red represents the tenta price/s at which the stock of Luminaire was sold. The company was never in control of the market price of the stock as has been incorrectly implied in the assessment order. 3.6. The company has downloaded the relevant order/s of SEBI pertaining to Luminaire and has found the following list of order/ records which is shared on Page 571 of Paperbook III. As can be surmised from the information shared therein, it is submitted that there were no adverse Orders of SEBI in relation to Luminaire regarding price manipulation. The 6 records on the list referred to above are related to the takeover and rights issues of Luminaire and as such are wholly irrelevant to the pres....
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....fully considering both the technical and fundamental aspects of the stock. The trend visible in the then latest financials of the stock available publicly was upbeat. Unno had reported Total Assets of Rs. 42.55 Crores for FYE Mar'13 and its turnover and profit had remained stable over the years despite the falling prices in the market. Unno had a Turnover of Rs. 0.65 Crore both in FYE Mar'13 and FYE Mar'12; Total Income of Rs. 0.65 Crore in FYE Mar'13 as against Rs. 0.67 Crore in FYE Mar'12; Reported Net Profitof Rs. 0.07 Crore in both FYE Mar'13 and FYE Mar'12 implying a marked stability in financial performance in the recent years. Copies of the contract notes have already been submitted in Paper Book - I Page 32-54. 4.4. However, the stable financials did nothing to assuage the concerns of the company. The head and shoulders pattern on the stock charts implied an oncoming decline in the stock prices. In hindsight it seems that the company was falsely alarmed by the chart pattern since the stock rose in price for a brief period before again nosediving due to poor financial strength. The company as a trader is geared to respond to all stimuli in the markets to make gains ....
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....nale behind the tradesand also puts the company's trading activity in Global in the proper perspective. The annual reports of Global for the Financial Years 2012-13 to 2013-14 are submitted in Paper Book - III Pages 451 to 570. The relevant portion of the Director's Report setting out the financial performance of Global for FY2013-14, is set out below: 5.3. The shares of Globalwere purchased in a staggered manner in February 2014 in anticipation of trading profits and the same were sold, again in a staggered manner, in March 2014. The stock of Global was also in a steep fall when the company purchased it. However, the company purchased the stock only when the price fall was sustained over a period of time. It is notable that the company did not enter/exit at the highest/lowest price and the trades in shares of Global were entered into basis the trend visible in the then latest financials of the stock available publicly. It is notable that the stock parameters had improved from its previous reporting period (Total Assets of Rs. 56.62 Crores in FYE Mar'13 as against Rs. 20.90 Crores in FYE Mar'12; Operating Profit of Rs. 1.49 Crores in FYE Mar'13 as against Rs. 0.01 Crore in....
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.... the Order which was issued u/s 11 and 11B of the SEBI Act, 1992. It shall be noted that SEBI had found 46 specific persons/entities to be guilty of price manipulation in the shares of Global after detailed investigation. It shall be observed that 21 entities had availed the opportunity of hearing wherein they had inter alia questioned the act of SEBI in not holding all persons/entities who had traded in the shares of Global Infratech and Finance Limited to be artificial or suspicious. The SEBI in their Order at Paras 96.1 and onwards had specifically observed that only the promoters and/or their connected entities were found to be guilty of price manipulation and that the unrelated entities were not to be made party to these proceedings. The relevant extracts of the order is as follows: From the above it shall therefore be observed that the SEBI had admitted that only the promoters of Global Infratech and Finance Limited and/or their connected entities were guilty of price manipulation and that the unrelated entities were not involved in any wrongdoing. Accordingly, the company cannot be held guilty of price manipulation in respect of the trades conducted in shares of Glo....
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....ceipt of sale and the consideration was received through banking channel. A.x. Furthermore the lower authorities were unable to bring on record any adverse order/finding against the broker through whom these transactions were undertaken. It is also not the case that there was any adverse statement of the broker. Moreover, the Director of the company was specifically examined under oath u/s 131 of the Act who had also confirmed the genuineness of the transactions. On these specific facts and direct evidences, therefore, it is wholly unjustified to allege that the above share transactions were not genuine. The company has produced before you all the contemporaneous transactional documents such as contract notes, demat statements, bank statements which not only prove that the purchase & sale was conducted as per stock exchange regulations, but it also proves that pursuant to purchase/sale transactions, the deliveries were taken and given through demat A/c. and payments were made and received through proper banking channels. Besides paying or receiving the price of shares, the company had paid various charges & statutory levies such as brokerage, service tax, STT, turnover cha....
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....he Hon'ble High Court had observed that the onus was on the assessee to establish that the price rise was genuine in light of the fundamentals of the scrip. On the specific facts before them, it was noted that the price of the scrip showed increase during recessive trends and therefore the movement in prices was held to be ingenuine. In the present case,however, the assessee has sufficiently demonstrated in the above paragraphs that the financial results and the fundamentals of the scripswas mirrored in their price movements and therefore it was not a case that the movement in prices was not explained." 7. The ld. Counsel for the assessee has also placed reliance on the following decisions of the Coordinate bench of the Tribunal: i) ACIT vsMunish Financial (ITA No. 2637 & 2638/Mum/2022) [ITAT Mumbai] ii) ACIT vs M/s Maverick Commodity Broker Pvt Ltd (ITA No. 27/JP/2020) [ITATJaipur] iii) ITO vs Smt. Bimala Devi Singhania (146 taxmann.com 449) [ITAT Cuttack] iv) Trivikram Singh Toorvs PCIT (142 taxmann.com 493) [ITAT Chandigarh] v) Nishith Rameshchandra Shah vs ITO (ITA No. 1116/Mum/2022) [ITAT Mumbai] 8. The ld. DR however has subm....
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.... been received by an assessee, is on the assessee. Once the assessee has submitted the documents relating to identity, genuineness of the transaction, and credit- worthiness, then the AO must conduct an inquiry, and call for more details before invoking Section 68. If the Assessee is not able to provide a satisfactory explanation of the nature and source, of the investments made, it is open to the Revenue to hold that it is the income of the assessee, and there would be no further burden on the revenue to show that the income is from any particular source. Thereafter the hon'ble Supreme court summed up the principles, which emerged after deliberating upon various case laws, as under: "11. The principles which emerge where sums of money are credited as Share Capital/Premium are : i. The assessee is under a legal obligation to prove the genuineness of the transaction, the identity of the creditors, and credit- worthiness of the investors who should have the financial capacity to make the investment in question, to the satisfaction of the AO, so as to discharge the primary onus. ii. The Assessing Officer is duty bound to investigate the credit-worthiness of ....
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....assessee could not explain, why it invested in such script without knowing the financial performance of the company. That such cannot be case of intelligent investment or simple and straight case of tax planning to gain benefit of long term capital gains earnings @ 491% over period of 5 months which is beyond human probability and defies business logic of any business enterprises dealing with share transactions. Even brokers who coordinated transactions were also unknown to assessee. All these facts give credence to unreliability of entire transaction of shares giving rise to such capital gains ratio. That the Assessing officer was justified in making the additions on the basis of the material available on record, the surrounding circumstances, the human conduct and preponderance of probabilities. 10. Now, we have to examine the contentions of the assessee in the light of the ratio of law laid down by the hon'ble Supreme Court in the case of "NRA steels" ( Supra ) and by the Calcutta High Court in the case of "Swati Bajaj"(supra). 10.1 The plea of the assessee in this case is that the assessee was bona fide purchaser of the shares in question. That the assessee had duly taken....
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....Mar'12 implying an increment of 67.79% ) and the stock even started declaring dividends whose trend showed a marked upward trajectory (Equity Dividend of Rs. 0.54 Crores in FYE Mar'13 as against Rs. 0.22 Crore in FYE Mar'12 and NIL in FYE Mar'11 and Mar'10 implying a trend reversal and a dividend payout of 59.60%). The purchase of the stock was timed in anticipation of the expected price action that usually follows in such stocks showing a reversal in dividend payout trend. That the shares of Comfort (still Comfort Fincap Ltd 535267) were purchased in a staggered manner in January 2014 in anticipation of trading profits and the same were sold, again in a staggered manner, in March 2014 when the trade went awry. The stock of Comfort was also in a steep fall when the company purchased it. However, the company purchased the stocks only when the price fall was sustained over a period of time. It is notable that the company did not enter/exit at the highest/lowest price and the trades in shares of Comfort were entered into on the basis of the trend visible in the then latest financials of the stock available publicly. 10.3 Regarding the third company, it has been demonstrated that Lumin....
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.... the assessee company immediately sold the stock to avoid further loss. 10.5 In case of Global Infratech& Finance Ltd. ('Global') shares, it has been explained that the trade was undertaken based on the parameters which clearly set out both the logic and rationale behind the trades. The stock of Global was also in a steep fall when the company purchased it.The shares of Global were purchased in a staggered manner in February 2014 in anticipation of trading profits and the same were sold, again in a staggered manner, in March 2014. However, the company purchased the stock only when the price fall was sustained over a period of time. That the stock parameters had improved from its previous reporting period (Total Assets of Rs. 56.62 Crores in FYE Mar'13 as against Rs. 20.90 Crores in FYE Mar'12; Operating Profit of Rs. 1.49 Crores in FYE Mar'13 as against Rs. 0.01 Crore in FYE Mar'12; Reported Net Profit of Rs. 1.05 Crore in FYE Mar'13 as against Rs. 0.08 Crore in FYE Mar'12 implying an increment of 1,212.50% and trend reversal). The company, being a prudent trader, did not only rely on the financials of Global to make its decisions in the market. It was also prone to keep tabs on....
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....stances would show that the assessee's decision to invest in those companies was based on business prudence and that there was no evidence, even circumstantial, that the assessee was involved in price rigging or otherwise instrumental to book bogus short term capital loss. 11. The Ld. Counsel has further submitted that the facts of the case of the assessee were quiet distinguishable from that of the cases of "Swati Bajaj & others"(supra). He has submitted that in most of the cases before the Hon'ble High Court, the purchases were off the Stock Exchange/private placements. That there were orders of SEBI suspending the scrip and/or wherein the concerned trader were found guilty of price manipulation. Further, that there were statements recorded from the brokers of the assessees, who had admitted to have indulged in price manipulation and therefore adverse view was taken. That in the specific facts before the hon'ble High Court, it was noted that the price of the scrips showed steep increase during recessive trends and therefore the movement in prices was held to be ingenuine. That the Hon'ble High Court had observed that the onus was on the assessee to establish that the price ris....
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....same were kept in the demat account of the assessee. There is no allegation of involvementof the assessee or even his share broker in any type of price rigging. There even does not seem any probability of meeting minds of the assessee and/or his share broker and the promoters of the companies. A very peculiar fact which is noted from the assessment order/investigation wing report is that in the list of the persons whose statement was allegedly recorded and who in their statement have admitted of price rigging, the names of share brokers, entry operators and exit providers have been mentioned. The facts on the file itself show that there was meeting of minds of the entry operators and the share brokers and exit providers. The price rigging was done by giving benefit to various subscribers with connivance of share brokers and the motive was to convert their unaccounted money into tax exempt long-term capital gains and for that purpose, there were certain persons chosen as exit providers who would buy shares when the share prices would be at its peak and those exit providers thereafter would suffer losses on account of fall in the price of the shares. This specific fact on the file sh....
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....ataka) has observed that considering the fact that this blind appreciation of a precedent is a frequent occurrence, in catena of cases, the Hon'ble Supreme Court has clearly opined that a judgment should not be read as a provision of law. A judgment is confined to the facts and circumstances of its own case. It is only when the facts and circumstances in two cases are similar that the ratio of the former case becomes applicable to the latter case. As discussed above, in the absence of any direct incriminating evidence against the assessee, the distinguishable and weak circumstantial evidence, in our view, do not suggest the preponderance of probability of the assessee being involved in price rigging of the scrips or being the predetermined and pre planned beneficiary of the devised scheme, therefore, the impugned additions are not warranted in this case, and the same are accordingly ordered to be deleted. 13. In the result, the appeal of the assessee stands allowed. ============= Document 1 ADVANCED CHART 504335 1m 3m 5m 15m 30m 1h D W 0000 1 Compare fx Indicators Default Pazel Internati 1W BSE Volume SMA 9 5.679M 0.54 +0.02 (+3.85%) 17 ....
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....matter of Rutron International Ltd. Document 4 Adjudication Order in respect of Astabhuja Construction Private Ltd. in the matter of Rutron International Ltd. Aug 09, 2021 | Orders: Orders of AO 1 of 17 + Page Width BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA (ADJUDICATION ORDER NO: Order/PM/SM/2021-22/12938) UNDER SECTION 15-I OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995. In respect of Astabhuja Construction Private Ltd. (CIN: U70200WB2012PTC177706) In the matter of Rutron International Ltd. Adjudication Order in respect of various entities in the matter of Rutron International Limited [SAT Appeal No.:78/2022 & Misc. App. No. 68/2022][SAT Appeal No.: 67/2022 & Misc. App. No. 69/2022][SAT Appeal No.:66/2022 & Misc. App. No. 55/2022][SAT Appeal No.:124/2022 & Misc. App. No. 194/2022][SAT Appeal No. 123/2022 & Misc. App. No. 193/2022][SAT Appeal No.:125/2022 & Misc. App. No. 195/2022] Dec 24, 2021 | Orders: Orders of AO Ù… 1 of 64 + Page....
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....8 +1.21 (+15.37%) Volume SMA 9 960.699K T7 Jun Sep 1d 5d 1m 3m 6m 1y 5y Max 190 00 Compare fx Indicators Default XOL 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 9.08 3.44 0.00 782.915K 2014 Apr Jul Oct 2015 Apr Jul 19:14:53 (UTC+5:30) % log auto Document 8 Comfort Fincap Limited Mar 11, 2013 | Takeovers: Letter of Offer Date 15-Jul-2013 24-Jun-2013 14-Jun-2013 14-Mar-2013 11-Mar-2013 Details Post Offer Public Announcement Letter of Offer Corrigendum to PA Draft Letter of Offer Public Announcement Q B BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA [ADJUDICATION ORDER NO. ASK/RGA/AO/52/2014] UNDER SECTION 15-1 OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES BY ADJUDICATING OFFICER) RULES, 1995 Document 9 SECURITIES AND EXCHANGE BOARD OF INDIA ORDER UNDER SECTION 11 AND 11B OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992- IN THE MATTER OF FIRST FINANCIAL SERVICES LIMITED. In respect of: Sl. No....
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....aft Letters of Offer filed with SEBI pt 1 of 189 DRAFT LETTER OF OFFER Page Width + Page Width Private and Confidential Private and Confidential LUMINAIRE LUMINAIRE TECHNOLOGIES LIMITED BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA, MUMBAI CONSENT ORDER ON THE APPLICATION SUBMITTED BY Jagbhushan Dixit for himself & for Other Co-Acquirers & Pesons Acting in Concert (PACS) IN THE MATTER OF M/S LUMINAIRE TECHNOLOGIES LIMITED CO/CFD-DCR/1040/AO/SD/19/2009 Acquirers G G Ф Document 13 Luminaire Technologies Limited Jan 20, 2011 | Takeovers: Letter of Offer Date 04-Jul-2011 25-May-2011 Details Post offer PA-PDF Letter of Offer -PDF 23-May-2011 Corrigendum to Public Announcement -PDF 20-Jan-2011 Public Announcement -PDF CO/CFD-DCR/29/2012 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA, MUMBA! CONSENT ORDER ON THE APPLICATION SUBMITTED BY M/s Luminaire Technologies Limited (PAN No. AAECS5081Q) (CONSENT APPLICATION NO. 2290/2011) Document 14Traceback (most recent call last): File "C:\inetpub\vhosts\taxmanagementindia.com\httpdocs\python_....
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....domestic product (GDP), had expanded at 4.5 percent in 2012-13, the slowest pace in the previous decade. Subdued prices of vegetables, cereals and dairy products pushed down retail inflation to a three- month low of 8.28 percent in May. Retail inflation, measured on consumer price index (CPI), was 8.59 percent in April. In February 2014, retail inflation was at 8.03 percent, followed by consecutive rise in March (8.31 percent) and in April, it was 9.66 percent as per the data released by government. OVERALL PERFORMANCE & OUTLOOK Directors are pleased to inform that in spite of difficult times, your Company, based on its intrinsic strength, has performed well during the year. Gross income from operations increased from *1515.58 Lac to *2487.09 Lac i.e. jump of around 64% in comparison to the revenue of previous year whereas Net Profit stood at 161.19 Lac in comparison to last years' amount of *105.13 Lac, the increase of above 50% in term of Net Profit for the year. The Company is into the Business of providing financial assistance, part of treasury operations business, to Corporate Houses and HNIs as well as investing its surplus fund in Eq....
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.... against the buyers and preferential allottees who have not been subjected to the present proceedings, reliance is placed on Hon'ble SAT order in matter of Systematix Shares & Stocks India Limited v. SEBI dated April 23, 2012 in which, the Hon'ble SAT, in some what similar context, observed that "It is true that the Board has taken action selectively against a few entities involved in the alleged wrong doing. According to the appellant the Board should have proceeded against all wrong doers and the action against the appellant and a few entities alone is also discriminatory. We cannot subscribe to this view since the Board has set its own Order in the matter of M/s Global Infratech and Finance Limited Document 20 benchmark in selecting cases for action and, in any case, the appellant cannot plead himself innocent or his trades as lawful." " 96.5. Even though it is not the case here, if hypothetically, there were a case similarly placed being treated differently, I find it relevant to quote the following observations of the Hon'ble Supreme Court in the context of argument of discrimination to claim negative equality in Union of India and....