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Sebi fined CAT for GDR, sebi penalty GDR, Sebi Cat matter, Cat technology share | Cat Technology’s GDR disturbances, fine of Rs 13.55 crore, fine of 1 crore on Aptech


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  • Sebi Fined CAT For GDR, Sebi Penalty GDR, Sebi Cat Matter, Cat Technology Share

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In another case too, SEBI has imposed a fine of Rs 1 crore.  SEBI has imposed this penalty in the case of Aptech.  During investigation, SEBI found that Aptech made a mistake in giving information (file photo) - Dainik Bhaskar

In another case too, SEBI has imposed a fine of Rs 1 crore. SEBI has imposed this penalty in the case of Aptech. During investigation, SEBI found that Aptech made a mistake in giving information (file photo)

  • SEBI fined CAT’s MD, Director as well
  • The penalty amount will have to be filled within 45 days of the issue of the order

Regulator SEBI has taken major action in the case of Global Depository Recept (GDR) of CAT technology. It has financed a total of Rs 13.55 crore. Sebi gave this information in a 140-page order on Wednesday.

Cat fined 12.15 crore

SEBI said in this order that a penalty of Rs 12.15 crore has been imposed on CAT technology, Rs 1.10 crore on Dheeraj Kumar Jaiswal, 10 lakh on Dinesh Jaiswal, 10 lakh on D. Venkataram, Rs 10 lakh on M Prasad. All this amount will have to be filled within 45 days.

Information was found on the system

SEBI said that after getting information on its alert system, it had investigated a lot of GDRs. It was found that CAT technology brought the GDR for the first time on 27 July 2007 and the second time on 14 November 2009. Its book running lead managers were Pan Asia. Pan Asia’s director was Arun Pancharia and he also owned a 100% stake in it.

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Arun Pancharia did the work

SEBI’s investigation revealed that Arun Pancharia did the entire work of GDR and Vintage bought shares in this GDR. Later it was revealed that Arun Pancharia was the director and owner in the vintage as well. He was also the signing authority of vintage. After this, Pancharia converted GDR into shares by adding a lot of foreign investors and sold it in the Indian market with the help of some domestic institutions.

Owner and director included

Based on the investigation, SEBI found that CAT MD Dheeraj Jaiswal, Director Dinesh Jaiswal, Director D Venkataraman, K Prasad, Director Namrata, Promoter Nisha Jaiswal, Director Lakshmi Jaiswal and Ashok Kulkarni were fraudulent in it. These people also violated SEBI rules. However, Laxmi Jaiswal died in 2018, while Ashok Kulkarni died in 2014.

Failed to give information

SEBI said that Dheeraj and Dinesh also failed to give information in this matter. Also, he gave a lot of misinformation. SEBI said that a show cause notice was issued in this case on 28 March 2019. Sebi found that the first issue of two GDR issues was $ 60.46 million, which came in July 2007. The second issue was $ 10 million which came in 2009.

Loan agreement signed

As per the investigation, Arun Pancharia signed a loan agreement with Auram Bank and Vintage. Under this, Auram Bank agreed that it will give a loan of $ 10 million to Vintage. Similarly, on 27 October 2009, a mortgage agreement was signed between CAT and Aurum Bank. It was signed by Arun Pancharia on behalf of Kat. SEBI found that the bank account given in it was for buying and selling GDR issue.

SEBI found in investigation that a lot of disturbances were made in it. Also, these people did not inform BSE about this. After this these people started the process of cancellation of GDR and canceled it between 2007 and 2009.

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The first issue was of 4.3 million shares

According to this, the first GDR issue which was of 43 lakh shares, out of which 25.80 lakh shares were canceled. That is, it was 59.99%. The same was done in the second GDR but only 0.85% of the shares were canceled. SEBI found that Arun Pancharia was in connection with all those to whom the shares were sold.

Aptech fined Rs 1 crore

Similarly, in another case also, SEBI has imposed a fine of Rs 1 crore. SEBI has imposed this penalty in the case of Aptech. During investigation, Sebi found that Aptech made a mistake in giving information. Therefore, on Wednesday, in a 14-page order, SEBI also imposed a penalty on it.

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