https://www.taxtmi.com/caselaws?id=304392 Termination of shareholders agreements that materially altered a listed company's project structure, order-book exposure and economic position constituted price-sensitive information because publication was likely to affect its securities price. The company's CMD, having attended the board meeting approving termination, was treated as an insider who traded while in possession of unpublished price-sensitive information; a commercial need for sale proceeds explained motive but did not validate the trade, and loss avoidance supported disgorgement. CICPL and its directors were not established to have had a qualifying connection or access to unpublished information when they traded, and their lender-driven sale explanation was accepted. Escrowed unlawful gain was transferred to SEBI for the CMD, while CICPL's escrow amount was released. en-us Wed, 13 Jul 2016 00:00:00 +0530 Sat, 24 Sep 2022 08:17:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304392 Termination of shareholders agreements that materially altered a listed company's project structure, order-book exposure and economic position constituted price-sensitive information because publication was likely to affect its securities price. The company's CMD, having attended the board meeting approving termination, was treated as an insider who traded while in possession of unpublished price-sensitive information; a commercial need for sale proceeds explained motive but did not validate the trade, and loss avoidance supported disgorgement. CICPL and its directors were not established to have had a qualifying connection or access to unpublished information when they traded, and their lender-driven sale explanation was accepted. Escrowed unlawful gain was transferred to SEBI for the CMD, while CICPL's escrow amount was released. Case-Laws SEBI Wed, 13 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304392