https://www.taxtmi.com/caselaws?id=310545 Securities Appellate Tribunal, Mumbai allowed appeals partly in GDR fraud case. While affirming SEBI violations under Section 12A and PFUTP Regulations, Tribunal reduced penalties and debarment periods. Company's penalty reduced to Rs. 25 lakhs, Managing Director and Director penalties reduced to Rs. 10 lakhs each, Independent Director penalty quashed. Five-year debarment reduced to period already undergone (three years). Tribunal found excessive penalties unjustified as GDR proceeds were properly utilized and loan repaid, with no evidence of Non-Executive Directors' involvement in fraudulent scheme. en-us Thu, 14 Jul 2022 00:00:00 +0530 Mon, 30 Oct 2023 20:38:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310545 Securities Appellate Tribunal, Mumbai allowed appeals partly in GDR fraud case. While affirming SEBI violations under Section 12A and PFUTP Regulations, Tribunal reduced penalties and debarment periods. Company's penalty reduced to Rs. 25 lakhs, Managing Director and Director penalties reduced to Rs. 10 lakhs each, Independent Director penalty quashed. Five-year debarment reduced to period already undergone (three years). Tribunal found excessive penalties unjustified as GDR proceeds were properly utilized and loan repaid, with no evidence of Non-Executive Directors' involvement in fraudulent scheme. Case-Laws SEBI Thu, 14 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310545