| On March 22, 2019, the Honorable Judge of the Patna High Court entered a final judgment against Satya Karan Banerjee and Girish Chandra Samanta in an action brought by the United States Attorney's Office for the District of New York. The court granted the SEC's request for a temporary restraining order and other emergency relief. According to the SEC's order, on August 18, 1941, Satya Karan Banerjee and Samanta made an inquiry and came to know that the defendants had encroached upon their coal mines on the northern side and removed coal from the encroached portion. As alleged in the complaint, however, the defendants had no knowledge or information whatsoever regarding the encroachment and removal of coal. The court also found that the defendants had not been barred by limitations when they sought to recover the property. The SEC's complaint, filed in the U.S. District Court for the District of New York, charges Banerjee and Samanta with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Without admitting or denying the SEC's allegations, Banerjee and Samanta consented to the entry of a final judgment that permanently enjoins them from violating the antifraud provisions of Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rules 10b-5 and 10b-11 thereunder, and orders them to pay disgorgement of ill-gotten gains plus prejudgment interest of $1,848, which is equal to the amount of their civil penalties. The SEC's continuing investigation is being conducted by Sanjay Wadhwa and supervised by Chedly S. Mehraban. The litigation will be led by Mr. Wadhwa. The SEC appreciates the assistance of the U.S. Attorney's Office for the District of New York, the Federal Bureau of Investigation, and the Financial Industry Regulatory Authority. |