https://www.taxtmi.com/caselaws?id=288061 The Tribunal upheld the order directing a director to refund money collected through redeemable preference shares issued against public issue norms. Despite the appellant's argument of fraudulent directorship and lack of direct involvement in the share issuance, the Tribunal emphasized all directors' liability for refunding amounts collected from investors. The appellant's appearance on the Ministry of Corporate Affairs portal justified holding him accountable as a director. The Tribunal rejected the appellant's claim of not being an "officer in default" and directed him to provide evidence of fraudulent directorship within a year for further SEBI action. en-us Tue, 23 Jan 2018 00:00:00 +0530 Sat, 16 May 2020 10:25:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288061 The Tribunal upheld the order directing a director to refund money collected through redeemable preference shares issued against public issue norms. Despite the appellant's argument of fraudulent directorship and lack of direct involvement in the share issuance, the Tribunal emphasized all directors' liability for refunding amounts collected from investors. The appellant's appearance on the Ministry of Corporate Affairs portal justified holding him accountable as a director. The Tribunal rejected the appellant's claim of not being an "officer in default" and directed him to provide evidence of fraudulent directorship within a year for further SEBI action. Case-Laws SEBI Tue, 23 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288061