https://www.taxtmi.com/caselaws?id=109399 A company that later took over a proprietary concern was not liable for SEBI violations committed before its incorporation, because the two entities retained separate legal identity and prior defaults could not be fastened on the successor merely due to business transfer or common directors. Penalty proceedings under Chapter VIA of the SEBI Act were also held to be civil regulatory proceedings, not quasi-criminal, so mens rea was not an essential ingredient for penalty under section 15B. The Tribunal's setting aside of the penalty was sustained, while its contrary characterization of the proceedings was corrected. en-us Fri, 12 Mar 2004 00:00:00 +0530 Mon, 09 Apr 2012 15:49:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109399 A company that later took over a proprietary concern was not liable for SEBI violations committed before its incorporation, because the two entities retained separate legal identity and prior defaults could not be fastened on the successor merely due to business transfer or common directors. Penalty proceedings under Chapter VIA of the SEBI Act were also held to be civil regulatory proceedings, not quasi-criminal, so mens rea was not an essential ingredient for penalty under section 15B. The Tribunal's setting aside of the penalty was sustained, while its contrary characterization of the proceedings was corrected. Case-Laws Companies Law Fri, 12 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109399