https://www.taxtmi.com/highlights?id=73447 Responsibility of the Managing Director - Unlawful gains by fraudulent and manipulative strategy made by Reliance Company - There is a distinction between “offence” and “contravention” - Section 27 of the SEBI Act as it stood prior to the amendment did not apply to civil liability and, therefore, the Managing Director could not be penalised by SEBI u/s 27 of the Act. - The limited role played by the Board was only to take note of the transactions after they had been executed by the two senior executives. - AT en-us Thu, 07 Dec 2023 07:18:16 +0530 Thu, 07 Dec 2023 10:27:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=73447 Responsibility of the Managing Director - Unlawful gains by fraudulent and manipulative strategy made by Reliance Company - There is a distinction between “offence” and “contravention” - Section 27 of the SEBI Act as it stood prior to the amendment did not apply to civil liability and, therefore, the Managing Director could not be penalised by SEBI u/s 27 of the Act. - The limited role played by the Board was only to take note of the transactions after they had been executed by the two senior executives. - AT Highlights SEBI Thu, 07 Dec 2023 07:18:16 +0530 https://www.taxtmi.com/highlights?id=73447