Dependent Agent PE unresolved for lack of factual inquiry; arm's-length distribution accepted; royalty claim rejected; 15% refund interest (Section 24...
Exemption under s.10(23C)(iiiad) upheld; appeal allowed, interest and dividends excluded from annual receipts, disallowance deleted, capital gains exe...
The AT dismissed the appeal, holding that the appellant's admitted failure to comply with LODR obligations (Regns. 52, 52(2), 52(4) and 54(2)) and subsequent conduct - seeking BSE approval for NCD modifications only after prolonged default, furnishing a bank guarantee to cover SOP fines, then challenging the levies post-approval - constituted misrepresentation and justified the imposition of time-based fines for delays of 45 to 904 days. The tribunal upheld BSE's reduction of fines to Rs.1.62 crore on waiver consideration and rejected the double jeopardy plea, finding SEBI and the stock exchange regulate distinct spheres. The appeal therefore fails and is dismissed.
The AT dismissed the appeal, holding that the appellant's admitted failure to comply with LODR obligations (Regns. 52, 52(2), 52(4) and 54(2)) and subsequent conduct - seeking BSE approval for NCD modifications only after prolonged default, furnishing a bank guarantee to cover SOP fines, then challenging the levies post-approval - constituted misrepresentation and justified the imposition of time-based fines for delays of 45 to 904 days. The tribunal upheld BSE's reduction of fines to Rs.1.62 crore on waiver consideration and rejected the double jeopardy plea, finding SEBI and the stock exchange regulate distinct spheres. The appeal therefore fails and is dismissed.
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