Penalty Orders
Sr. Name of the Date of GDR Subscriber Combined Date
No. GDR issuer Issue size Penalty of the
company (million Order ... cause notice alleged that the scheme of issuance of
GDR involving subscription of the GDR issue by obtaining
finance from EURAM Bank, by pledging
Total Subscriber Period of Date of Order
No. GDR issuer of GDR Amount Debarment
company issue raised
by GDR
issue
(USD)
million
1. Morepan March ... Penalty Orders
Sr. Name of the Date of GDR Subscriber Combined Date
No. GDR issuer Issue size Penalty of the
company (million Order
entire
GDR proceeds as security with Euram Bank.
Thus, material on record has established that the
entire subscription to the GDR issue by Vintage ... purpose of subscribing to the Winsome GDR and the
amount of GDR issue and the amount of loan matches
indicating that Vintage is going
Total Subscriber Period of Date of Order
No. GDR issuer of GDR Amount Debarment
company issue raised
by GDR
issue
(USD)
million
1. Morepan March ... Pledge Agreement to pledge GDR
proceeds for third party use."
25. Similarly, the WTM in the matter of GDR issue of
Cals Refineries
guarantee is "open ended";] (d) utilisation of the amount raised by issue of ADRs/GDRs by the Indian party; (e) external Commercial Borrowing in conformity ... shares through the mechanism of ADR and/or GDR: Provided that-- (a) the ADR/GDR issue has been made in accordance with the Scheme
issue of identity, genuineness and
creditworthiness of alleged investors was not there. Therefore, contention raised
by the assessee that issue of GDR receipts has been ... examine any issue which might come to his notice subsequently. As
such, the argument of the assessee that the issue related to GDR having been
issue of identity, genuineness and
creditworthiness of alleged investors was not there. Therefore, contention raised
by the assessee that issue of GDR receipts has been ... examine any issue which might come to his notice subsequently. As
such, the argument of the assessee that the issue related to GDR having been
role played by Appellant no. 1 as Lead Manager to the GDR
issues floated abroad at the desire of six Issuer Companies, namely, Asahi
Infrastructure ... Banker to the Issue" in
respect of the GDR issues. Similarly, the Bank of New York and Deutsche Bank
created and issued GDRs
expenditure. It was on record that the expenditure
incurred on GDR issue was Rs.8.34 crores and the assessee had not
claimed the same ... further referred to the stipulation, contained in the document prepared
for GDR ISSUE wherein it explained as under:
"CAPITAL EXPANSION:
Arvind
views of the Assessing Officer and not
appreciating that the GDR issue made by the appellant was
mainly for the purpose of capital expenditure ... projects, the
appellant had temporarily deployed part of proceeds of GDR
issue in the units of UTI.
[11.1] In law and in the facts
