| On March 15, 2019, the Honorable Judge of the United States District Court for the Southern District of New York entered a final judgment against two individuals who were charged with violating Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder. According to the court's order, filed on March 24, 2019, Chandrasekhar S. Achhruram, a resident of Raikot, Ludhiana District, made an application in the U.S. District Court for the Southern District of New York ("District Court") for the right to acquire and sell any property in the compensation pool entrusted to them by the government of Punjab. The complaint alleges that the defendants had been entitled to quasi permanent allotments of land in the village of Raikot but this was not possible due to the nature of the acquisition or cancellation of the allotment. The court further found that the defendants had failed to comply with Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. Without admitting or denying the allegations in the complaint, the defendants consented to the entry of a final judgment that permanently enjoins them from future violations of Section 10(b) of the Exchange Act and Rules 10b-5 and 13a-14 thereunder, and orders them to pay disgorgement of $1,078 plus prejudgment interest of $2,038. The settlement is subject to court approval. The SEC's investigation was conducted by Sanjay Wadhwa |