https://www.taxtmi.com/caselaws?id=445127 A drastic interim restraint in securities proceedings cannot rest on suspicion or timing proximity alone; the regulator must first establish foundational facts showing a prima facie sham or circular transaction. On the materials described, contemporaneous commercial documents, GST records, invoices and approvals supported genuine dealings, and the entities were not shown to be related in the manner alleged. The evidentiary basis for treating the fund movements as round tripping was therefore not established, and the continued ex parte restraint was found disproportionate because no urgency, obstruction, tampering, or other necessity was shown. en-us Mon, 30 Oct 2023 00:00:00 +0530 Tue, 31 Oct 2023 17:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445127 A drastic interim restraint in securities proceedings cannot rest on suspicion or timing proximity alone; the regulator must first establish foundational facts showing a prima facie sham or circular transaction. On the materials described, contemporaneous commercial documents, GST records, invoices and approvals supported genuine dealings, and the entities were not shown to be related in the manner alleged. The evidentiary basis for treating the fund movements as round tripping was therefore not established, and the continued ex parte restraint was found disproportionate because no urgency, obstruction, tampering, or other necessity was shown. Case-Laws SEBI Mon, 30 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445127