Actor Arshad Warsi and his wife get relief from SAT, SEBI order quashed

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New Delhi : Bollywood film actor Ashard Warsi and his wife Maria Goretti have got a big relief from the Securities Appellate Tribunal (SAT) in the case of posting misleading investment videos on YouTube. SEBI had ordered a ban on Sadhna Broadcast, which has been rejected by SAT. According to media reports, Arshad Warsi and his wife Maria Goretti were accused of posting videos on YouTube advising investors to buy shares of Sadhna Broadcast.

SEBI had banned

According to media reports, the Securities and Exchange Board of India (SEBI) had banned 31 people, including the promoters of Sadhna Broadcast along with actor Arshad Warsi and his wife Maria Goretti, from the stock market on March 2. This action was taken on the allegation of involvement of these people in a ‘fake and clever’ scheme. According to the SEBI order, Arshad Warsi made a profit of Rs 29.43 lakh from this scheme and his wife got a profit of Rs 37.56 lakh.

Arshad appealed in SAT

Arshad Warsi, Maria Goretti and Arshad’s brother Iqbal Hussain Warsi appealed against this order before the Securities Appellate Tribunal (SAT). From there he got relief. The tribunal, while rejecting the SEBI order, said that no evidence has emerged of the involvement of the Warsi couple in the making, distribution, promotion and uploading of the video in question on YouTube channels. At the same time, the couple’s conduct did not indicate that investors should buy shares of Sadhna Broadcast.

Half amount will have to be deposited in Escrow account

However, the tribunal has asked the Warsi couple to refrain from trading in the shares of Sadhna Broadcast till the investigation of the case is completed. Apart from this, it has also been asked to deposit 50 per cent of the alleged illegal income from these shares in an escrow account within 15 days.

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