https://www.taxtmi.com/caselaws?id=310543 Securities Appellate Tribunal, Mumbai allowed appeal against director's debarment for fraudulent GDR issuance. Investigation revealed GDR was issued without proper consideration and adequate disclosure. WTM found director liable for participating in board resolution authorizing GDR issuance and bank account opening. Tribunal held mere presence during resolution passage insufficient to establish liability without evidence of knowledge or involvement in fraud. Being non-executive independent director, cogent evidence required to prove awareness or connivance in fraudulent scheme. Impugned order quashed as no evidence established director's role in GDR fraud. en-us Mon, 28 Jun 2021 00:00:00 +0530 Mon, 30 Oct 2023 20:38:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310543 Securities Appellate Tribunal, Mumbai allowed appeal against director's debarment for fraudulent GDR issuance. Investigation revealed GDR was issued without proper consideration and adequate disclosure. WTM found director liable for participating in board resolution authorizing GDR issuance and bank account opening. Tribunal held mere presence during resolution passage insufficient to establish liability without evidence of knowledge or involvement in fraud. Being non-executive independent director, cogent evidence required to prove awareness or connivance in fraudulent scheme. Impugned order quashed as no evidence established director's role in GDR fraud. Case-Laws SEBI Mon, 28 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310543