https://www.taxtmi.com/caselaws?id=423681 The court found the show cause notice to be maintainable under the legal framework of the SEBI Act, dismissing the challenge. It refrained from determining the vicarious liability of non-executive directors due to factual disputes. Despite acknowledging the substantial delay in issuing the notice, the court deemed it justified under the circumstances. The court directed that the issues be adjudicated by the Securities Appellate Tribunal, ordering a stay on the notice for twelve weeks and allowing the petitioners to present their case before the SAT without facing coercive action during this period. en-us Thu, 17 Feb 2022 00:00:00 +0530 Sat, 11 Jun 2022 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423681 The court found the show cause notice to be maintainable under the legal framework of the SEBI Act, dismissing the challenge. It refrained from determining the vicarious liability of non-executive directors due to factual disputes. Despite acknowledging the substantial delay in issuing the notice, the court deemed it justified under the circumstances. The court directed that the issues be adjudicated by the Securities Appellate Tribunal, ordering a stay on the notice for twelve weeks and allowing the petitioners to present their case before the SAT without facing coercive action during this period. Case-Laws SEBI Thu, 17 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423681