https://www.taxtmi.com/caselaws?id=286123 The court upheld SEBI's orders against Cals Refineries Limited and its directors, prohibiting them from issuing equity shares for 10 years due to fraudulent activities in GDR subscription. The court found Cals and its directors complicit in misleading investors and non-disclosure of related party transactions, violating regulations. Individual defenses claiming victimhood were rejected, with the court emphasizing the active roles of the appellants in the fraudulent scheme. All appeals were dismissed, affirming SEBI's findings and highlighting the substantial evidence of wrongdoing. en-us Thu, 12 Oct 2017 00:00:00 +0530 Thu, 13 Feb 2020 12:44:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286123 The court upheld SEBI's orders against Cals Refineries Limited and its directors, prohibiting them from issuing equity shares for 10 years due to fraudulent activities in GDR subscription. The court found Cals and its directors complicit in misleading investors and non-disclosure of related party transactions, violating regulations. Individual defenses claiming victimhood were rejected, with the court emphasizing the active roles of the appellants in the fraudulent scheme. All appeals were dismissed, affirming SEBI's findings and highlighting the substantial evidence of wrongdoing. Case-Laws SEBI Thu, 12 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286123