https://www.taxtmi.com/caselaws?id=330279 SAT upheld the securities market restraint after finding that repeated, unimplemented corporate announcements lacked bona fide business purpose and were used to inflate the scrip price. The preferential allotment proposal, proposed land acquisition and proposed amalgamation were not pursued with due seriousness, remained unimplemented for years, and were abandoned only belatedly. Coordinated trading and the resulting artificial price rise, together with the promoter group's share offloading, reinforced the inference of fraudulent intent. The restraint order was therefore sustained on the basis that the impugned announcements were not genuine and were made to influence the market. en-us Thu, 30 Jun 2016 00:00:00 +0530 Fri, 22 Jul 2016 13:11:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330279 SAT upheld the securities market restraint after finding that repeated, unimplemented corporate announcements lacked bona fide business purpose and were used to inflate the scrip price. The preferential allotment proposal, proposed land acquisition and proposed amalgamation were not pursued with due seriousness, remained unimplemented for years, and were abandoned only belatedly. Coordinated trading and the resulting artificial price rise, together with the promoter group's share offloading, reinforced the inference of fraudulent intent. The restraint order was therefore sustained on the basis that the impugned announcements were not genuine and were made to influence the market. Case-Laws Companies Law Thu, 30 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330279