Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
Search-assessment proviso jurisdiction, time-barred valuation reports, and denial of cross-examination vitiate valuation-based and confession-based ad...
The text addresses diversion of funds raised by preferential allotment and concludes that post-facto shareholders' ratification cannot validate prior diversion or negate breaches of disclosure and market integrity norms. It states that diverting proceeds to loans and share investments, particularly when done immediately after receipt, constitutes fraud and unfair trade practice under PFUTP Regulations and related securities disclosure obligations, attracting liability. It further explains that interim protective directions and subsequent adjudicatory penalty proceedings can coexist and that an Adjudicating Officer may impose monetary penalties notwithstanding earlier protective orders; the AO's penalty order was accordingly restored.
The text addresses diversion of funds raised by preferential allotment and concludes that post-facto shareholders' ratification cannot validate prior diversion or negate breaches of disclosure and market integrity norms. It states that diverting proceeds to loans and share investments, particularly when done immediately after receipt, constitutes fraud and unfair trade practice under PFUTP Regulations and related securities disclosure obligations, attracting liability. It further explains that interim protective directions and subsequent adjudicatory penalty proceedings can coexist and that an Adjudicating Officer may impose monetary penalties notwithstanding earlier protective orders; the AO's penalty order was accordingly restored.
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