Purposive interpretation of residential house exemption: unregistered purchase agreement alone does not defeat relief, but investment must be verified...
Page of 4817
Press 'Enter' after typing page number.
3041 to 3060 of 96333 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The Tribunal held that the statutory promoter-group test under the ICDR Regulations could not be displaced by a pleaded family arrangement; on the admitted shareholding and control findings, the relevant entities were counted in the promoter group, causing public shareholding to fall below the prescribed minimum and resulting in breach of minimum public shareholding norms. It further found, on preponderance of probability, that trading in an illiquid scrip through connected persons, with concentrated inter se trades around the delisting exercise, showed an artificial attempt to project liquidity and facilitate delisting, so the fraudulent trading finding was affirmed. Debarment was reduced only for specified appellants on proportionality grounds.
The Tribunal held that the statutory promoter-group test under the ICDR Regulations could not be displaced by a pleaded family arrangement; on the admitted shareholding and control findings, the relevant entities were counted in the promoter group, causing public shareholding to fall below the prescribed minimum and resulting in breach of minimum public shareholding norms. It further found, on preponderance of probability, that trading in an illiquid scrip through connected persons, with concentrated inter se trades around the delisting exercise, showed an artificial attempt to project liquidity and facilitate delisting, so the fraudulent trading finding was affirmed. Debarment was reduced only for specified appellants on proportionality grounds.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
