The Securities Appellate Tribunal (SAT) has slashed the penalty imposed on the former MD of Maars Software International to Rs 10 lakh from Rs 1 crore in a case related to manipulation in the issuance of global depository receipts. Maars Software International Ltd (MSIL) came out with a global depository receipts (GDRs) issue on August 10, 2007. Pravin Champalal Jain was the former managing director of MSIL.