https://www.taxtmi.com/caselaws?id=311640 Securities Appellate Tribunal, Mumbai reduced penalties imposed by SEBI on a company for fraudulent GDR issuance scheme. The company failed to disclose that only one entity subscribed to the entire GDR, misleading investors. Original penalty of Rs.10 crore was reduced to Rs.25 lakh and three-year market debarment reduced to period undergone, citing disproportionality doctrine. Penalties on Chairman and Managing Director (Rs.10 lakh each, one-year debarment) were upheld. Warning issued to Euram Bank for its dubious role in the fraudulent scheme was confirmed by the tribunal. en-us Tue, 21 Feb 2023 00:00:00 +0530 Fri, 05 Jan 2024 21:52:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311640 Securities Appellate Tribunal, Mumbai reduced penalties imposed by SEBI on a company for fraudulent GDR issuance scheme. The company failed to disclose that only one entity subscribed to the entire GDR, misleading investors. Original penalty of Rs.10 crore was reduced to Rs.25 lakh and three-year market debarment reduced to period undergone, citing disproportionality doctrine. Penalties on Chairman and Managing Director (Rs.10 lakh each, one-year debarment) were upheld. Warning issued to Euram Bank for its dubious role in the fraudulent scheme was confirmed by the tribunal. Case-Laws SEBI Tue, 21 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311640