Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
SC held SEBI's subsequent disgorgement order dated 28.09.2018 was legally unsustainable. The regulatory body cannot pass multiple final orders on the same cause of action after its initial order dated 31.07.2014 under Section 11B. The court critically noted SEBI's procedural delays and lack of expeditious action, emphasizing that reopening proceedings without just cause undermines regulatory integrity. The tribunal's directions for investor compensation were deemed improper, as the earlier order had already attained finality. While acknowledging the fraudulent acts by the corporate entities, the court rejected the tribunal's cost awards as unjustified, effectively nullifying SEBI's post-2014 regulatory actions against the involved parties.
SC held SEBI's subsequent disgorgement order dated 28.09.2018 was legally unsustainable. The regulatory body cannot pass multiple final orders on the same cause of action after its initial order dated 31.07.2014 under Section 11B. The court critically noted SEBI's procedural delays and lack of expeditious action, emphasizing that reopening proceedings without just cause undermines regulatory integrity. The tribunal's directions for investor compensation were deemed improper, as the earlier order had already attained finality. While acknowledging the fraudulent acts by the corporate entities, the court rejected the tribunal's cost awards as unjustified, effectively nullifying SEBI's post-2014 regulatory actions against the involved parties.
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