Cash routed to non-existent firm deemed proceeds of crime; laundered funds and properties attachable, provisional attachments confirmed; two accounts ...
Continuation of Section 73 service-tax proceedings after provider's death (construing s.65(7)) - held to abate; posthumous OIO and recoveries invalida...
The text addresses personal liability of directors in regulatory enforcement, holding that designation alone does not establish personal liability and that vicarious liability requires specific findings of individual involvement; this principle limits attachment of personal bank, demat and trading accounts absent substantive averments. It emphasises principles of natural justice and the limited scope of judicial review under Article 226 where regulatory findings entail factual appreciation, concluding that reasoned statutory orders invoking recovery and attachment powers under the SEBI Act warrant pursuit of the alternative statutory remedy before the Securities Appellate Tribunal rather than writ relief.
The text addresses personal liability of directors in regulatory enforcement, holding that designation alone does not establish personal liability and that vicarious liability requires specific findings of individual involvement; this principle limits attachment of personal bank, demat and trading accounts absent substantive averments. It emphasises principles of natural justice and the limited scope of judicial review under Article 226 where regulatory findings entail factual appreciation, concluding that reasoned statutory orders invoking recovery and attachment powers under the SEBI Act warrant pursuit of the alternative statutory remedy before the Securities Appellate Tribunal rather than writ relief.
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