https://www.taxtmi.com/caselaws?id=196220 The Tribunal upheld the adjudicating officer's findings of a violation of the takeover code by the appellants but reduced the penalty from Rs. 50 lacs to Rs. 10 lacs due to mitigating factors. The appellants were found guilty of making preferential share allotments without a public announcement, leading to a direction to delist shares. The Tribunal emphasized the discretionary nature of penalty imposition and considered the lack of trading in the company's shares and no adverse impact on investors. The appeal was disposed of with no order as to costs. en-us Thu, 01 Nov 2012 00:00:00 +0530 Wed, 22 Nov 2017 15:42:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196220 The Tribunal upheld the adjudicating officer's findings of a violation of the takeover code by the appellants but reduced the penalty from Rs. 50 lacs to Rs. 10 lacs due to mitigating factors. The appellants were found guilty of making preferential share allotments without a public announcement, leading to a direction to delist shares. The Tribunal emphasized the discretionary nature of penalty imposition and considered the lack of trading in the company's shares and no adverse impact on investors. The appeal was disposed of with no order as to costs. Case-Laws Companies Law Thu, 01 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196220