https://www.taxtmi.com/caselaws?id=392165 The appeal was dismissed by the tribunal, upholding SEBI's order prohibiting the appellants from associating with the securities market for five years under Sections 11(1), 11(4), and 11B of the SEBI Act, 1992. The tribunal found the allegations of a fraudulent scheme in the issuance of Global Depository Receipts (GDRs) to be substantiated, emphasizing the non-disclosure of material information such as the Pledge Agreement, which misled investors. Despite the appellants' arguments for mitigation based on utilization of issue proceeds and natural justice concerns, the tribunal upheld the restraint period, citing the gravity of the violations and the need for market integrity. en-us Wed, 05 Feb 2020 00:00:00 +0530 Thu, 13 Feb 2020 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392165 The appeal was dismissed by the tribunal, upholding SEBI's order prohibiting the appellants from associating with the securities market for five years under Sections 11(1), 11(4), and 11B of the SEBI Act, 1992. The tribunal found the allegations of a fraudulent scheme in the issuance of Global Depository Receipts (GDRs) to be substantiated, emphasizing the non-disclosure of material information such as the Pledge Agreement, which misled investors. Despite the appellants' arguments for mitigation based on utilization of issue proceeds and natural justice concerns, the tribunal upheld the restraint period, citing the gravity of the violations and the need for market integrity. Case-Laws SEBI Wed, 05 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392165