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HC allowed appeal, setting aside conviction and sentence of two accused in SEBI case. Court found insufficient evidence establishing appellants' direct involvement or role in the company. No documentary proof substantiated their position as directors or persons-in-charge. The original trial court's judgment of conviction under Section 24(2) read with Section 27 of SEBI Act was quashed, effectively exonerating the appellants from the one-year imprisonment and Rs. 10 lakhs fine originally imposed.
HC allowed appeal, setting aside conviction and sentence of two accused in SEBI case. Court found insufficient evidence establishing appellants' direct involvement or role in the company. No documentary proof substantiated their position as directors or persons-in-charge. The original trial court's judgment of conviction under Section 24(2) read with Section 27 of SEBI Act was quashed, effectively exonerating the appellants from the one-year imprisonment and Rs. 10 lakhs fine originally imposed.
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