https://www.taxtmi.com/caselaws?id=407324 Regulatory proceedings based on a GDR issue were held unsustainable where they were initiated after more than 14 years without a reasonable explanation for the delay. Even though no statutory limitation period applied, the power had to be exercised within a reasonable time, and the delay vitiated the show cause process and consequential directions. The findings of non-disclosure of the account charge agreement and of a misleading statement that the issue was subscribed were also rejected, because no legal duty to disclose that agreement was established, the subscription statement was factually correct, and no material showed investor inducement or fraud. The restraint order was therefore set aside. en-us Thu, 15 Apr 2021 00:00:00 +0530 Thu, 06 May 2021 13:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407324 Regulatory proceedings based on a GDR issue were held unsustainable where they were initiated after more than 14 years without a reasonable explanation for the delay. Even though no statutory limitation period applied, the power had to be exercised within a reasonable time, and the delay vitiated the show cause process and consequential directions. The findings of non-disclosure of the account charge agreement and of a misleading statement that the issue was subscribed were also rejected, because no legal duty to disclose that agreement was established, the subscription statement was factually correct, and no material showed investor inducement or fraud. The restraint order was therefore set aside. Case-Laws SEBI Thu, 15 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407324