https://www.taxtmi.com/caselaws?id=259140 Sham share transfers designed to camouflage an issuer's continuing association with three companies were treated as requiring true and adequate disclosure in offer documents, and the majority found the surrounding facts showed the divestments were not bona fide. It held that concealment of the continuing association and related material particulars breached disclosure obligations, and that the conduct amounted to fraudulent concealment under the PFUTP Regulations. On the alleged FIR, however, the majority found no reliable proof that the company had prior knowledge before the offer process closed, so nondisclosure on that point was not established. The final majority decision set aside the restraint order and allowed the appeals, while a separate view would have upheld part of the regulatory action with a shorter restraint period. en-us Fri, 13 Mar 2015 00:00:00 +0530 Mon, 27 Apr 2015 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259140 Sham share transfers designed to camouflage an issuer's continuing association with three companies were treated as requiring true and adequate disclosure in offer documents, and the majority found the surrounding facts showed the divestments were not bona fide. It held that concealment of the continuing association and related material particulars breached disclosure obligations, and that the conduct amounted to fraudulent concealment under the PFUTP Regulations. On the alleged FIR, however, the majority found no reliable proof that the company had prior knowledge before the offer process closed, so nondisclosure on that point was not established. The final majority decision set aside the restraint order and allowed the appeals, while a separate view would have upheld part of the regulatory action with a shorter restraint period. Case-Laws Companies Law Fri, 13 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259140