https://www.taxtmi.com/caselaws?id=221013 The Supreme Court upheld SEBI's directive for the refund of money collected through Optional Fully Convertible Debentures (OFCDs) by SIRECL and SHICL, with a 15% interest per annum. Despite non-compliance by SIRECL, including failure to provide documents and deposit amounts, SEBI took actions such as attaching and selling properties and freezing bank accounts. The Court held the directors and promoter of SIRECL jointly and severally liable for refunding the collected amounts with interest, freezing their assets and bank accounts, and requiring them to disclose property details within 21 days. The case underscores the importance of strict compliance with regulatory and judicial orders, emphasizing the accountability of corporate officers in regulatory violations. en-us Wed, 13 Feb 2013 00:00:00 +0530 Tue, 19 Feb 2013 07:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221013 The Supreme Court upheld SEBI's directive for the refund of money collected through Optional Fully Convertible Debentures (OFCDs) by SIRECL and SHICL, with a 15% interest per annum. Despite non-compliance by SIRECL, including failure to provide documents and deposit amounts, SEBI took actions such as attaching and selling properties and freezing bank accounts. The Court held the directors and promoter of SIRECL jointly and severally liable for refunding the collected amounts with interest, freezing their assets and bank accounts, and requiring them to disclose property details within 21 days. The case underscores the importance of strict compliance with regulatory and judicial orders, emphasizing the accountability of corporate officers in regulatory violations. Case-Laws Companies Law Wed, 13 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221013