https://www.taxtmi.com/caselaws?id=275770 Disgorgement could not be founded on an assumed finding of no illegal gains where the earlier enquiry had only examined alleged irregularities and had not quantified or determined unlawful profits. Acceptance of the enquiry report in disciplinary proceedings did not amount to a finding barring separate disgorgement action. The disgorgement order was also unsustainable because it was passed ex parte without a show-cause notice or hearing, violating natural justice. As disgorgement is an equitable remedy aimed at preventing unjust enrichment, it must rest on established unlawful gains and be imposed only after basic procedural fairness. The order was set aside, with liberty to proceed in accordance with law. en-us Fri, 02 May 2008 00:00:00 +0530 Wed, 13 Dec 2023 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275770 Disgorgement could not be founded on an assumed finding of no illegal gains where the earlier enquiry had only examined alleged irregularities and had not quantified or determined unlawful profits. Acceptance of the enquiry report in disciplinary proceedings did not amount to a finding barring separate disgorgement action. The disgorgement order was also unsustainable because it was passed ex parte without a show-cause notice or hearing, violating natural justice. As disgorgement is an equitable remedy aimed at preventing unjust enrichment, it must rest on established unlawful gains and be imposed only after basic procedural fairness. The order was set aside, with liberty to proceed in accordance with law. Case-Laws Companies Law Fri, 02 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275770