https://www.taxtmi.com/caselaws?id=342924 A finding of person acting in concert under takeover regulations must rest on cogent supporting material and cannot be based merely on common management or shareholding. On the facts, the tribunal found the concerted-action inference unsupported and beyond the scope of the show cause notice, so the takeover- and insider-trading-related penalty was set aside and remanded for fresh consideration. Penalties for failure to furnish information and for non-compliance with summons were not disturbed, as those violations were left undisturbed in light of an earlier decision. The appeal succeeded only to the extent of remission on the takeover-related penalty, while the remaining penalties were sustained. en-us Thu, 02 Mar 2017 00:00:00 +0530 Mon, 15 May 2017 05:46:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342924 A finding of person acting in concert under takeover regulations must rest on cogent supporting material and cannot be based merely on common management or shareholding. On the facts, the tribunal found the concerted-action inference unsupported and beyond the scope of the show cause notice, so the takeover- and insider-trading-related penalty was set aside and remanded for fresh consideration. Penalties for failure to furnish information and for non-compliance with summons were not disturbed, as those violations were left undisturbed in light of an earlier decision. The appeal succeeded only to the extent of remission on the takeover-related penalty, while the remaining penalties were sustained. Case-Laws Companies Law Thu, 02 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342924