https://www.taxtmi.com/caselaws?id=301222 Directors who were merely college-going and not involved in the company's day-to-day affairs could not be fastened with securities law liability for trading irregularities. The record accepted by the regulator showed that they had no role in the broker company's management, while control rested with the father. On that basis, the SAT rejected importing a broad theory of vicarious or strict liability against directors who were not shown to have conducted, consented to, or neglected the impugned acts. The penalty imposed on them was set aside. en-us Wed, 15 Sep 2004 00:00:00 +0530 Mon, 21 Mar 2022 17:15:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301222 Directors who were merely college-going and not involved in the company's day-to-day affairs could not be fastened with securities law liability for trading irregularities. The record accepted by the regulator showed that they had no role in the broker company's management, while control rested with the father. On that basis, the SAT rejected importing a broad theory of vicarious or strict liability against directors who were not shown to have conducted, consented to, or neglected the impugned acts. The penalty imposed on them was set aside. Case-Laws SEBI Wed, 15 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301222