https://www.taxtmi.com/caselaws?id=395333 The Company, identified as Orion Industries Limited, issued Redeemable Preference Shares (RPS) in violation of Sections 56, 60, and 73 of the Companies Act, 1956. The directors involved are held jointly and severally liable to refund the collected amount with 15% interest per annum. They must disclose assets, issue public notices, and complete refunds within three months. They are also restrained from accessing the securities market for four years post-refund. Directions against one director are revoked, while another has 365 days to contest allegations. SEBI retains jurisdiction to enforce compliance and may pursue further actions. en-us Wed, 26 Feb 2020 00:00:00 +0530 Wed, 06 Nov 2024 12:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395333 The Company, identified as Orion Industries Limited, issued Redeemable Preference Shares (RPS) in violation of Sections 56, 60, and 73 of the Companies Act, 1956. The directors involved are held jointly and severally liable to refund the collected amount with 15% interest per annum. They must disclose assets, issue public notices, and complete refunds within three months. They are also restrained from accessing the securities market for four years post-refund. Directions against one director are revoked, while another has 365 days to contest allegations. SEBI retains jurisdiction to enforce compliance and may pursue further actions. Case-Laws SEBI Wed, 26 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395333