https://www.taxtmi.com/caselaws?id=196552 Disclosure obligations under takeover and insider trading regulations require not only company-level reporting but also separate disclosure by the acquirer at each stage of aggregate shareholding or voting rights. The article notes that the acquisition and conversion of preferential warrants were communicated to stock exchanges and that shareholders and the market were informed of the shareholding changes, yet the acquirers still committed a technical lapse in their own disclosure duty. In assessing penalty, the governing principle applied was proportionality: punishment must be commensurate with the gravity of the deviation. The lapse was described as inadvertent and the penalty was reduced accordingly. en-us Wed, 15 Jan 2014 00:00:00 +0530 Wed, 06 Dec 2017 22:06:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196552 Disclosure obligations under takeover and insider trading regulations require not only company-level reporting but also separate disclosure by the acquirer at each stage of aggregate shareholding or voting rights. The article notes that the acquisition and conversion of preferential warrants were communicated to stock exchanges and that shareholders and the market were informed of the shareholding changes, yet the acquirers still committed a technical lapse in their own disclosure duty. In assessing penalty, the governing principle applied was proportionality: punishment must be commensurate with the gravity of the deviation. The lapse was described as inadvertent and the penalty was reduced accordingly. Case-Laws Companies Law Wed, 15 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196552