The Securities Appellate Tribunal (SAT) has recently set aside a part of the Securities and Exchange Board of India (Sebi) order against actor Arshad Warsi and his wife Maria Goretti in the YouTube stock manipulation case.
The tribunal allowed the couple to trade in the securities market except in the scrip of Sadhna Broadcast during the pendency of the investigation.
Further, It has also allowed them to deposit only 50% of the alleged unlawful gains in an escrow account as against the Sebi order of 100%.
For the balance of 50% of the amount, they would have to provide an undertaking that they will deposit it within a time period of 30 days from the date of the final order passed by Sebi.
SAT in its order stated that “We are of the considered view that the WTM (whole time member) has passed the order in haste and without considering the essential facts. In so far as the appellants (Arshad Warsi and his wife Maria) are concerned, there is no iota of evidence against the appellants to show that they were engaged in a coordinated scheme to induce unsuspecting investors to acquire securities in the scrip in question.”
