https://www.taxtmi.com/caselaws?id=387563 Fraudulent or sham securities transactions that generate unjust enrichment may attract disgorgement of the equivalent wrongful gain, with interest, even where funds pass through layered account entries or are later transferred to another entity. Receipt of funds as an advance for machinery that was neither supplied nor refunded, followed by use of those funds to acquire GDRs for the benefit of a connected entity, establishes enrichment in the value of the GDRs. Disgorgement operates as an equitable remedy against wrongful gain and does not require tracing the funds to the final recipient once unjust enrichment is established. Such conduct may breach the SEBI Act and PFUTP Regulations. 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 Fraudulent or sham securities transactions that generate unjust enrichment may attract disgorgement of the equivalent wrongful gain, with interest, even where funds pass through layered account entries or are later transferred to another entity. Receipt of funds as an advance for machinery that was neither supplied nor refunded, followed by use of those funds to acquire GDRs for the benefit of a connected entity, establishes enrichment in the value of the GDRs. Disgorgement operates as an equitable remedy against wrongful gain and does not require tracing the funds to the final recipient once unjust enrichment is established. Such conduct may breach the SEBI Act and PFUTP Regulations. Case-Laws SEBI Fri, 12 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387563