Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
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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