https://www.taxtmi.com/caselaws?id=345261 Failure by a company to make the prescribed disclosure after acquiring more than 5% shares or voting rights under SEBI insider trading regulations was treated as a continuing contravention, and the subsequent delayed disclosure did not cure the default. The Tribunal held that section 111A(3) empowered rectification where the holding or transfer contravened SEBI requirements, including suspension of voting rights over the excess holding and directions to undo the mischief. It also held that the petition was not time-barred because the relevant knowledge of the violation arose only when the default came to light, and the petition was filed within the statutory period. The company petition succeeded. en-us Wed, 05 Jul 2017 00:00:00 +0530 Thu, 13 Jul 2017 07:24:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345261 Failure by a company to make the prescribed disclosure after acquiring more than 5% shares or voting rights under SEBI insider trading regulations was treated as a continuing contravention, and the subsequent delayed disclosure did not cure the default. The Tribunal held that section 111A(3) empowered rectification where the holding or transfer contravened SEBI requirements, including suspension of voting rights over the excess holding and directions to undo the mischief. It also held that the petition was not time-barred because the relevant knowledge of the violation arose only when the default came to light, and the petition was filed within the statutory period. The company petition succeeded. Case-Laws Companies Law Wed, 05 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345261