SAT stays SEBI's 2-year market ban on Omaxe and its key executives
SEBI, in its ruling had restrained Omaxe, Rohtas Goel, Mohit Goel and three others — Sudhangshu S Biswal, Arun Kumar Pandey, and Vimal Gupta — from the securities markets for two years. In its order, SEBI had said that these entities have “acted in concert in order to execute a fraudulent scheme which they tried to portray as normal transactions for the benefit of the company although it was experiencing loss, while also trying to portray these as merely lending activities, thereby trying to maintain the price of the scrip of Omaxe for a period of three years.”
SEBI, in its ruling had restrained Omaxe, Rohtas Goel, Mohit Goel and three others — Sudhangshu S Biswal, Arun Kumar Pandey, and Vimal Gupta — from the securities markets for two years. In its order, SEBI had said that these entities have “acted in concert in order to execute a fraudulent scheme which they tried to portray as normal transactions for the benefit of the company although it was experiencing loss, while also trying to portray these as merely lending activities, thereby trying to maintain the price of the scrip of Omaxe for a period of three years.”
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