https://www.taxtmi.com/caselaws?id=196572 The Tribunal allowed the appeal, setting aside the impugned order against the appellant, a merchant banker, due to the inordinate delay in initiating action and the inappropriate use of Section 11B of the SEBI Act for punitive purposes. It noted that the appellant's registration had expired in 2000, eliminating any current threat to the securities market. The Tribunal emphasized that Section 11B is intended for regulatory, not punitive, actions. Consequently, the parties were directed to bear their own costs. en-us Mon, 31 Mar 2008 00:00:00 +0530 Thu, 21 Dec 2023 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196572 The Tribunal allowed the appeal, setting aside the impugned order against the appellant, a merchant banker, due to the inordinate delay in initiating action and the inappropriate use of Section 11B of the SEBI Act for punitive purposes. It noted that the appellant's registration had expired in 2000, eliminating any current threat to the securities market. The Tribunal emphasized that Section 11B is intended for regulatory, not punitive, actions. Consequently, the parties were directed to bear their own costs. Case-Laws Companies Law Mon, 31 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196572