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of <h1>Self-financed preferential share allotment via circular fund flows held fraudulent; s.15HA joint penalty upheld despite 10-year SCN delay</h1> The dominant issue was whether a joint and several penalty under s. 15HA could be sustained for alleged fraudulent preferential allotment under the PFUTP ... Fraudulent preferential allotment of shares - Validity of levy of joint and several penalty u/s 15HA - no linkage between the appellant and other entities - gross and inordinate delay in the issuance of Show Cause Notice - delay of more than 10 years - Tribunal held that - there is a clear connection in respect of flow of fund - held liable for self-financing of companies own preferential shares and in violation of PFUTP Regulations, and Regulation 77(2) of the Companies Act, 1956 - delay by itself is not sufficient to dismiss entire subject matter - HELD THAT:- We find no grounds made out to interfere with the impugned judgment and order dated 15.10.2025 passed by the Securities Appellate Tribunal - Appeal is, accordingly, dismissed. Outcome: Appeal dismissed [No detailed order].
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