https://www.taxtmi.com/caselaws?id=310581 SAT Mumbai upheld SEBI's findings that the company and directors orchestrated a fraudulent GDR scheme where only one entity subscribed to the entire issue using a loan secured by undisclosed pledge agreements. The tribunal found the company provided false subscriber information and failed to disclose material agreements to stock exchanges, violating securities regulations. However, SAT reduced penalties citing disproportionality: company's debarment reduced from five to three years, monetary penalty reduced to Rs. 25 lakhs, and directors' penalties reduced to Rs. 2 lakhs each, while affirming the managing director's penalty. en-us Mon, 27 Jun 2022 00:00:00 +0530 Wed, 01 Nov 2023 13:19:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310581 SAT Mumbai upheld SEBI's findings that the company and directors orchestrated a fraudulent GDR scheme where only one entity subscribed to the entire issue using a loan secured by undisclosed pledge agreements. The tribunal found the company provided false subscriber information and failed to disclose material agreements to stock exchanges, violating securities regulations. However, SAT reduced penalties citing disproportionality: company's debarment reduced from five to three years, monetary penalty reduced to Rs. 25 lakhs, and directors' penalties reduced to Rs. 2 lakhs each, while affirming the managing director's penalty. Case-Laws SEBI Mon, 27 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310581