https://www.taxtmi.com/caselaws?id=279876 The Tribunal found the directors of Pyramid Saimira Theatre Ltd. guilty of violating regulations 3 and 4 of the FUTP Regulations by publishing false financial results, leading to stock price manipulation. SEBI imposed restraint orders and monetary penalties, including securities dealing restrictions and fines ranging from Rs. 25 to 50 lacs. The Tribunal emphasized directors' duty of care and diligence, holding them responsible for financial irregularities despite reliance on auditors. Referring to evolving director responsibilities, the Tribunal upheld penalties, citing SEBI Act provisions and FUTP Regulations, as directors failed to fulfill statutory duties and defrauded investors. en-us Fri, 05 Oct 2012 00:00:00 +0530 Tue, 09 Apr 2019 15:30:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279876 The Tribunal found the directors of Pyramid Saimira Theatre Ltd. guilty of violating regulations 3 and 4 of the FUTP Regulations by publishing false financial results, leading to stock price manipulation. SEBI imposed restraint orders and monetary penalties, including securities dealing restrictions and fines ranging from Rs. 25 to 50 lacs. The Tribunal emphasized directors' duty of care and diligence, holding them responsible for financial irregularities despite reliance on auditors. Referring to evolving director responsibilities, the Tribunal upheld penalties, citing SEBI Act provisions and FUTP Regulations, as directors failed to fulfill statutory duties and defrauded investors. Case-Laws Companies Law Fri, 05 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279876