https://www.taxtmi.com/caselaws?id=456533 Securities Appellate Tribunal, Mumbai set aside penalties imposed on appellants for alleged mis-utilization of preferential issue proceeds. The tribunal found inordinate delay in issuing show cause notice (preferential issue in August 2013, notice in January 2023) and noted that shareholders had ratified the deviation through special resolution in September 2017, prior to the notice. The tribunal held that shareholder ratification validated the company's actions, negating any violation of Listing Agreement Clause 43/SEBI-LODR Regulation 32. Appeals were allowed and impugned order quashed. en-us Thu, 20 Jul 2023 00:00:00 +0530 Wed, 31 Jul 2024 20:21:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456533 Securities Appellate Tribunal, Mumbai set aside penalties imposed on appellants for alleged mis-utilization of preferential issue proceeds. The tribunal found inordinate delay in issuing show cause notice (preferential issue in August 2013, notice in January 2023) and noted that shareholders had ratified the deviation through special resolution in September 2017, prior to the notice. The tribunal held that shareholder ratification validated the company's actions, negating any violation of Listing Agreement Clause 43/SEBI-LODR Regulation 32. Appeals were allowed and impugned order quashed. Case-Laws SEBI Thu, 20 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456533