https://www.taxtmi.com/caselaws?id=387563 A sham securities transaction used to siphon funds and acquire GDRs can constitute unjust enrichment even where the money moved through layered account entries and was later passed on. The note states that the equivalent value had accrued to the beneficiary through the GDR transfer, so the absence of retained cash did not defeat wrongful gain. It further states that Section 11B of the SEBI Act, read with the PFUTP Regulations, permits disgorgement of wrongful gain or loss averted as an equitable remedy once fraudulent conduct and unjust enrichment are established. On that basis, the disgorgement direction with interest was treated as valid. en-us Fri, 12 Jul 2019 00:00:00 +0530 Fri, 25 Oct 2019 13:49:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387563 A sham securities transaction used to siphon funds and acquire GDRs can constitute unjust enrichment even where the money moved through layered account entries and was later passed on. The note states that the equivalent value had accrued to the beneficiary through the GDR transfer, so the absence of retained cash did not defeat wrongful gain. It further states that Section 11B of the SEBI Act, read with the PFUTP Regulations, permits disgorgement of wrongful gain or loss averted as an equitable remedy once fraudulent conduct and unjust enrichment are established. On that basis, the disgorgement direction with interest was treated as valid. Case-Laws SEBI Fri, 12 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387563