https://www.taxtmi.com/caselaws?id=347635 The Securities Appellate Tribunal held that an ex parte ad interim restraint order may be issued without prior hearing where the securities matter is grave and immediate action is needed to protect investors and the market. It found that allegations of diversion and round-tripping of funds, supported by material from the issuer, statutory auditors, private reports and related communications, justified prima facie regulatory intervention. The Tribunal also upheld the regulator's prima facie satisfaction that a pending inquiry or investigation existed, rejecting the challenge that no such proceeding was underway. The appeal was therefore rejected and the interim restraint order sustained. en-us Fri, 11 Aug 2017 00:00:00 +0530 Thu, 07 Sep 2017 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347635 The Securities Appellate Tribunal held that an ex parte ad interim restraint order may be issued without prior hearing where the securities matter is grave and immediate action is needed to protect investors and the market. It found that allegations of diversion and round-tripping of funds, supported by material from the issuer, statutory auditors, private reports and related communications, justified prima facie regulatory intervention. The Tribunal also upheld the regulator's prima facie satisfaction that a pending inquiry or investigation existed, rejecting the challenge that no such proceeding was underway. The appeal was therefore rejected and the interim restraint order sustained. Case-Laws Companies Law Fri, 11 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347635