https://www.taxtmi.com/caselaws?id=442952 The appeal involved a case of fraudulent scheme in the issuance of GDRs by a company, leading to misleading investors and non-disclosure of crucial information. The ex-managing director challenged the SEBI AO's penalty imposition, arguing that the penalty was excessive. The tribunal found the penalty disproportionate to the offense and reduced it from Rs. 1 crore to Rs. 10 lakh, considering the proper utilization of GDR funds and the appellant's resignation in 2008. The appeal was partly allowed, with each party bearing their own costs. en-us Tue, 11 Apr 2023 00:00:00 +0530 Thu, 14 Sep 2023 08:58:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442952 The appeal involved a case of fraudulent scheme in the issuance of GDRs by a company, leading to misleading investors and non-disclosure of crucial information. The ex-managing director challenged the SEBI AO's penalty imposition, arguing that the penalty was excessive. The tribunal found the penalty disproportionate to the offense and reduced it from Rs. 1 crore to Rs. 10 lakh, considering the proper utilization of GDR funds and the appellant's resignation in 2008. The appeal was partly allowed, with each party bearing their own costs. Case-Laws SEBI Tue, 11 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442952