https://www.taxtmi.com/caselaws?id=112775 Vicarious liability under the SEBI Act cannot be invoked against a director unless the complaint contains specific averments showing that the person was in charge of, and responsible for, the conduct of the company's business. General statements that directors collectively managed affairs are insufficient, and criminal process cannot issue merely because a person holds the title of director. As the complaint did not disclose the petitioner's individual role, participation, consent, connivance, or neglect, and the record suggested she was only a subscriber, the complaint and summoning order were unsustainable against her and liable to be quashed. en-us Fri, 23 Jan 2009 00:00:00 +0530 Wed, 19 Nov 2014 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112775 Vicarious liability under the SEBI Act cannot be invoked against a director unless the complaint contains specific averments showing that the person was in charge of, and responsible for, the conduct of the company's business. General statements that directors collectively managed affairs are insufficient, and criminal process cannot issue merely because a person holds the title of director. As the complaint did not disclose the petitioner's individual role, participation, consent, connivance, or neglect, and the record suggested she was only a subscriber, the complaint and summoning order were unsustainable against her and liable to be quashed. Case-Laws Companies Law Fri, 23 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112775