Appeal dismissed; penalties under Companies Act, 1956 affirmed for alleged key managerial personnel roles in two companies The SC dismissed the appeal, upholding the SAT order of 16.02.2022 that imposed penalties under the Companies Act, 1956 concerning contention that the ...
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Appeal dismissed; penalties under Companies Act, 1956 affirmed for alleged key managerial personnel roles in two companies
The SC dismissed the appeal, upholding the SAT order of 16.02.2022 that imposed penalties under the Companies Act, 1956 concerning contention that the appellant served as key managerial personnel in two companies. The Court declined to interfere, noting the issue had been adjudicated in related appeals from the same investigation, and therefore affirmed the Tribunal's decision to impose the penalty.
On perusal of the record and after hearing counsel, the Supreme Court declined to disturb the Securities Appellate Tribunal's impugned order dated 16.02.2022, stating it was "not inclined to interfere with the impugned order dated 16.02.2022 passed by the Securities Appellate Tribunal." The appeal was "dismissed." The Court noted consideration of the material placed on record as basis for non-interference. All pending applications were directed to "stand disposed of." No further substantive reasoning is set out in the order beyond these determinations.
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