SEBI v. Teledata Technology Solutions Ltd. and others (GDR issue, 2022)

Judgment entered

✓ Checked against the primary document on October 8, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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On 31 May 2022 a SEBI adjudicating officer penalised Teledata Technology Solutions Ltd, in liquidation, and six individuals a combined Rs 10.9 crore for a US$36.96 million GDR issue that was financed through a loan secured on its own proceeds.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

—

Alleged gain

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Penalty as published

109m INR

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in INR. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

A SEBI adjudicating officer, Soma Majumder, decided the matter on 31 May 2022. The eight noticees were Teledata Technology Solutions Ltd (TTSL), which is now in liquidation, and seven individuals, including K Balasubramanian and Arun Panchariya. SEBI had investigated the company's global depository receipt (GDR) issue between February and March 2010.

The order records that Teledata issued 3.5 million GDRs worth US$36.96 million on 12 March 2010, all subscribed by one entity, Vintage FZE. Vintage paid for them with a loan from EURAM Bank taken under a loan agreement of 26 February 2010, and the order describes the issue as self-financed through that loan. The officer held that the scheme was an elaborate fraud on the securities market, and found violations of section 12A and Regulations 3 and 4(1) of the 2003 fraudulent and unfair trade practices regulations.

The penalties were Rs 10 crore on the company under section 15HA and Rs 10 lakh under section 23E of the Securities Contracts (Regulation) Act, Rs 10 lakh each on four individuals and Rs 20 lakh each on K Padmanabhan and Arun Panchariya. These add up to Rs 10.9 crore, the total shown in this record. The officer said the penalty on the company could be filed as a claim with its official liquidator, and that more than ten years had passed since the issue.

The operative table lists no penalty for K Balasubramanian. The record does not show the reason, whether the penalties were appealed or paid, or what loss investors suffered.

This library tags the matter as misleading issuer disclosure. The tagging is ours, not the regulator's.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Misleading issuer disclosure — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2022-05-31 SEBI order

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEBI order

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added October 8, 2026. submit a correction.