https://www.taxtmi.com/caselaws?id=195930 The Securities Appellate Tribunal set aside the Securities and Exchange Board of India's order directing appellants to disgorge Rs. 115.82 crores within six months. The Tribunal found the SEBI order determining disgorgement amount without establishing guilt or illegal gains violated principles of natural justice. It emphasized that determining disgorgement should follow the establishment of guilt and illegal gains, and entities should not be automatically liable without such determinations. The lack of procedural fairness in not allowing the appellants to present their case before disgorgement determination was deemed a violation of natural justice. SEBI was permitted to initiate proper disgorgement proceedings against entities found liable based on established guilt and illegal gains. en-us Thu, 22 Nov 2007 00:00:00 +0530 Tue, 14 Nov 2017 17:59:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195930 The Securities Appellate Tribunal set aside the Securities and Exchange Board of India's order directing appellants to disgorge Rs. 115.82 crores within six months. The Tribunal found the SEBI order determining disgorgement amount without establishing guilt or illegal gains violated principles of natural justice. It emphasized that determining disgorgement should follow the establishment of guilt and illegal gains, and entities should not be automatically liable without such determinations. The lack of procedural fairness in not allowing the appellants to present their case before disgorgement determination was deemed a violation of natural justice. SEBI was permitted to initiate proper disgorgement proceedings against entities found liable based on established guilt and illegal gains. Case-Laws Companies Law Thu, 22 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195930