https://www.taxtmi.com/caselaws?id=288590 The Tribunal confirmed the appellants' liability as Bankers to an Issue to refund the application money collected from the public. It upheld the respondent's jurisdiction under section 11B of the SEBI Act to issue directions for refund, emphasizing investor protection. The appellants' failure to exercise due diligence, timely refund, and comply with statutory requirements led to the dismissal of their appeals. The Tribunal supported the interest liability on the refund amount at 15% per annum, rejecting claims of the order being time-barred or a decree for recovery. The decision highlighted the importance of Bankers to an Issue in safeguarding public funds and affirmed the respondent's authority in such matters. en-us Thu, 27 Jul 2000 00:00:00 +0530 Thu, 18 Jun 2020 11:35:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288590 The Tribunal confirmed the appellants' liability as Bankers to an Issue to refund the application money collected from the public. It upheld the respondent's jurisdiction under section 11B of the SEBI Act to issue directions for refund, emphasizing investor protection. The appellants' failure to exercise due diligence, timely refund, and comply with statutory requirements led to the dismissal of their appeals. The Tribunal supported the interest liability on the refund amount at 15% per annum, rejecting claims of the order being time-barred or a decree for recovery. The decision highlighted the importance of Bankers to an Issue in safeguarding public funds and affirmed the respondent's authority in such matters. Case-Laws SEBI Thu, 27 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288590