https://www.taxtmi.com/caselaws?id=310570 Securities Appellate Tribunal Mumbai held that while a company made inadequate disclosures regarding GDR proceeds and loan arrangements to BSE, the GDR issue was genuine and not fraudulent. Appeals of three appellants were allowed based on precedent, with penalties quashed. For two other appellants who were company executives, penalties were reduced from Rs. 50 lakh to Rs. 20 lakh each, and debarment period reduced from five years to two years six months, finding original penalties excessive despite affirming disclosure violations. en-us Thu, 02 Sep 2021 00:00:00 +0530 Tue, 31 Oct 2023 21:08:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310570 Securities Appellate Tribunal Mumbai held that while a company made inadequate disclosures regarding GDR proceeds and loan arrangements to BSE, the GDR issue was genuine and not fraudulent. Appeals of three appellants were allowed based on precedent, with penalties quashed. For two other appellants who were company executives, penalties were reduced from Rs. 50 lakh to Rs. 20 lakh each, and debarment period reduced from five years to two years six months, finding original penalties excessive despite affirming disclosure violations. Case-Laws SEBI Thu, 02 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310570