Securities and Exchange Commission v. Bhardwaj
- Andrew Carter
- 1:22-cv-06277
- U.S. District Court · Southern District of New York
- 3
In Securities and Exchange Commission v. Bhardwaj, Judge Carter directed four relief defendants’ termination with prejudice; the text does not show approval of proposed consent judgments.
Gauri Salwan, The Kakkera Family Trust, All US Tacos Inc., and Janya Saeedi were terminated as parties with prejudice. The text also concerns proposed settlements for Amit Bhardwaj, Srinivasa Kakkera, and Abbas Saeedi, but does not show whether those proposals were approved.
What happened
In Securities and Exchange Commission v. Bhardwaj, the Securities and Exchange Commission asked the court to approve proposed final consent judgments for Amit Bhardwaj, Srinivasa Kakkera, and Abbas Saeedi. Those proposed judgments would resolve remaining monetary remedies, and Kakkera’s would also impose a seven-year-and-six-month ban on serving as a public-company officer or director.
The Securities and Exchange Commission also filed a notice voluntarily dismissing relief defendants Gauri Salwan, The Kakkera Family Trust, All US Tacos Inc., and Janya Saeedi with prejudice. It said those parties had not filed an answer or a motion for summary judgment and asked the court, if necessary, to instruct the clerk to terminate them from the case.
Judge Andrew L. Carter, Jr. directed the clerk to terminate Gauri Salwan, The Kakkera Family Trust, All US Tacos Inc., and Janya Saeedi with prejudice. The provided text does not show a ruling approving or rejecting the proposed final consent judgments for Bhardwaj, Kakkera, or Saeedi.
The detailed version
- Securities and Exchange Commission v. Bhardwaj · No. 1:22-cv-06277
- Andrew Carter
- June 13, 2024
Background
The Securities and Exchange Commission asked the court to approve proposed final consent judgments concerning defendants Amit Bhardwaj, Srinivasa Kakkera, and Abbas Saeedi. The court had previously entered partial consent judgments that resolved certain injunctive relief but left monetary remedies—and, for Kakkera, a possible officer-and-director bar—for later resolution.
The proposed judgment for Bhardwaj would impose disgorgement of $500,598.91 and prejudgment interest of $44,885.11, while treating those obligations as satisfied by a $547,286 forfeiture order entered in the related criminal case. The proposed judgment for Kakkera would impose disgorgement of $2,453,687.99 and prejudgment interest of $247,402.19, treated as satisfied by a $2,453,687.99 forfeiture order, and would bar him from serving as an officer or director of a public company for seven years and six months. The proposed judgment for Saeedi would impose disgorgement of $691,104.73 and prejudgment interest of $28,133.56, treated as satisfied by a $691,104.73 forfeiture order.
Relief Defendants
The Securities and Exchange Commission filed a notice voluntarily dismissing relief defendants Gauri Salwan, The Kakkera Family Trust, All US Tacos Inc., and Janya Saeedi with prejudice under Federal Rule of Civil Procedure 41(a)(1)(A)(i). The filing stated that none of those parties had filed an answer or a motion for summary judgment. The Securities and Exchange Commission asked the court to terminate them as parties, while noting that defendants Dhirenkumar Patel and Ramesh Chitor would remain if the proposed judgments were approved.
Ruling
Judge Andrew L. Carter, Jr. directed the clerk to terminate Gauri Salwan, The Kakkera Family Trust, All US Tacos Inc., and Janya Saeedi with prejudice. The provided opinion text does not include an order approving or rejecting the proposed final consent judgments for Bhardwaj, Kakkera, or Saeedi. Accordingly, the stated ruling is limited to termination of the four relief defendants.
Read the full 3-page opinion on CourtListener, the free public archive maintained by the Free Law Project.