https://www.taxtmi.com/caselaws?id=395606 The Tribunal upheld the Whole Time Member of SEBI's directions for the repayment of money collected through Secured Optionally Convertible Debentures, finding the appellants, including Mr. Debasis Padhy, liable as directors in default under the Companies Act. The allegations of misleading regulatory authorities by issuing SOCDs to circumvent legal provisions were upheld, establishing the appellants' roles as directors and promoters. The Tribunal dismissed the appeals, emphasizing the joint and several liability of the company and its directors until full repayment with interest is made to allottees, thus highlighting the legal obligations under the Companies Act and SEBI regulations. en-us Thu, 19 Mar 2020 00:00:00 +0530 Sat, 30 May 2020 12:08:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395606 The Tribunal upheld the Whole Time Member of SEBI's directions for the repayment of money collected through Secured Optionally Convertible Debentures, finding the appellants, including Mr. Debasis Padhy, liable as directors in default under the Companies Act. The allegations of misleading regulatory authorities by issuing SOCDs to circumvent legal provisions were upheld, establishing the appellants' roles as directors and promoters. The Tribunal dismissed the appeals, emphasizing the joint and several liability of the company and its directors until full repayment with interest is made to allottees, thus highlighting the legal obligations under the Companies Act and SEBI regulations. Case-Laws SEBI Thu, 19 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395606