https://www.taxtmi.com/caselaws?id=395395 The Appeals Tribunal overturned the SEBI order, ruling that the company did not violate the Companies Act, 1956. The Tribunal found that the allotment of securities to less than fifty allottees constituted a private issue, not a public one, as per section 67(3) of the Act. The Tribunal emphasized the distinction between public and private offers, quashing the WTM's conclusion that the offer aimed at a wider audience. The evidence supported that the company's offer was made to a limited group, leading to the dismissal of the violation claims. en-us Tue, 25 Feb 2020 00:00:00 +0530 Tue, 19 May 2020 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395395 The Appeals Tribunal overturned the SEBI order, ruling that the company did not violate the Companies Act, 1956. The Tribunal found that the allotment of securities to less than fifty allottees constituted a private issue, not a public one, as per section 67(3) of the Act. The Tribunal emphasized the distinction between public and private offers, quashing the WTM's conclusion that the offer aimed at a wider audience. The evidence supported that the company's offer was made to a limited group, leading to the dismissal of the violation claims. Case-Laws SEBI Tue, 25 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395395