https://www.taxtmi.com/caselaws?id=311513 Delay in initiating proceedings did not vitiate the matter because no concrete prejudice from the lapse of time was shown and the defence remained confined to alleged reasonable care. More importantly, statutory auditors could not be penalised under the SEBI Act and the PFUTP Regulations on the facts found, since the record disclosed only lack of due diligence in certifying IPO proceeds and no finding of fraud, inducement, connivance, manipulation, or fabricated accounts. Professional negligence was therefore insufficient to attract the penal securities provisions, and the penalty order was set aside. en-us Mon, 17 Jan 2022 00:00:00 +0530 Sat, 30 Dec 2023 08:30:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311513 Delay in initiating proceedings did not vitiate the matter because no concrete prejudice from the lapse of time was shown and the defence remained confined to alleged reasonable care. More importantly, statutory auditors could not be penalised under the SEBI Act and the PFUTP Regulations on the facts found, since the record disclosed only lack of due diligence in certifying IPO proceeds and no finding of fraud, inducement, connivance, manipulation, or fabricated accounts. Professional negligence was therefore insufficient to attract the penal securities provisions, and the penalty order was set aside. Case-Laws SEBI Mon, 17 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311513