https://www.taxtmi.com/caselaws?id=445173 Securities Appellate Tribunal Mumbai upheld SEBI's findings against company and directors for fraudulent GDR scheme involving undisclosed loan and pledge agreements, violating SEBI Act Section 12A and listing agreement clauses. The scheme misled investors by creating false impression of multiple subscribers. Tribunal confirmed Rs. 25 lakh penalty on company and CMD but set aside Rs. 10 lakh penalties on non-executive and independent directors, finding insufficient evidence of their involvement in day-to-day operations or awareness of the fraudulent arrangements. en-us Mon, 04 Sep 2023 00:00:00 +0530 Wed, 01 Nov 2023 09:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445173 Securities Appellate Tribunal Mumbai upheld SEBI's findings against company and directors for fraudulent GDR scheme involving undisclosed loan and pledge agreements, violating SEBI Act Section 12A and listing agreement clauses. The scheme misled investors by creating false impression of multiple subscribers. Tribunal confirmed Rs. 25 lakh penalty on company and CMD but set aside Rs. 10 lakh penalties on non-executive and independent directors, finding insufficient evidence of their involvement in day-to-day operations or awareness of the fraudulent arrangements. Case-Laws SEBI Mon, 04 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445173