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of <h1>Appeal dismissed challenging liability for accepting deposits and issuing debentures without filing offer documents; director joined after relevant period</h1> <h3>SECURITIES AND EXCHANGE BOARD OF INDIA Versus PRANAB KUMAR ROY</h3> SECURITIES AND EXCHANGE BOARD OF INDIA Versus PRANAB KUMAR ROY - TMI Petitioner challenged the High Court's judgment and order dated 27.03.2023 in CRR No. 773/2021 concerning NC debentures for Financial Year 2012-2013. Material facts: the debentures relate to FY 2012-2013; the respondent joined the company as director on 03.07.2013 and allegedly resigned on 28.11.2013; the complaint was filed on 10.02.2017. The Court, noting these peculiar facts and circumstances, declined to interfere with the impugned High Court order and held: 'The Special Leave Petition is, accordingly, dismissed.' The Court expressly left the 'question of law' open for consideration. All pending applications were disposed of. The decision rests on temporal and factual considerations regarding the director's tenure relative to the transactions complained of and the timing of the complaint, rather than a definitive pronouncement on substantive law.
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