Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
The AT partly allowed the appeal, upholding the findings of violations relating to absence of NISM certification of a director, delay in processing duplicate share certificates, and delay in transmission of securities, constituting contraventions of applicable SEBI regulations and circulars, thereby attracting liability under s.15HB of the SEBI Act. However, taking into account that the concerned director was 75 years old, plausibly not technologically adept, and that the other procedural lapses occurred during the Covid period, the AT held that the original monetary penalty was excessive. In exercise of appellate discretion, the AT reduced the penalty to Rs. 2,00,000, holding this sufficient to meet the ends of justice. All other directions and findings in the impugned order were affirmed. No order as to costs.
The AT partly allowed the appeal, upholding the findings of violations relating to absence of NISM certification of a director, delay in processing duplicate share certificates, and delay in transmission of securities, constituting contraventions of applicable SEBI regulations and circulars, thereby attracting liability under s.15HB of the SEBI Act. However, taking into account that the concerned director was 75 years old, plausibly not technologically adept, and that the other procedural lapses occurred during the Covid period, the AT held that the original monetary penalty was excessive. In exercise of appellate discretion, the AT reduced the penalty to Rs. 2,00,000, holding this sufficient to meet the ends of justice. All other directions and findings in the impugned order were affirmed. No order as to costs.
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