https://www.taxtmi.com/caselaws?id=196766 The disclosure obligation under the insider trading regulations applied only to a director or officer of a listed company, so a penalty could not be sustained unless that status was first established on record. Here, the adjudicating authority proceeded on an unproved assumption that the noticee was a director, while the record showed only that the person was a compliance officer. The meaning of "officer" was read in line with the Companies Act definition as a person able to direct or influence company affairs, not a mere compliance officer. As the factual basis for liability was missing, the penalty order could not stand and required fresh consideration. en-us Thu, 22 Dec 2011 00:00:00 +0530 Sat, 24 Feb 2018 15:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196766 The disclosure obligation under the insider trading regulations applied only to a director or officer of a listed company, so a penalty could not be sustained unless that status was first established on record. Here, the adjudicating authority proceeded on an unproved assumption that the noticee was a director, while the record showed only that the person was a compliance officer. The meaning of "officer" was read in line with the Companies Act definition as a person able to direct or influence company affairs, not a mere compliance officer. As the factual basis for liability was missing, the penalty order could not stand and required fresh consideration. Case-Laws Central Excise Thu, 22 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196766