https://www.taxtmi.com/caselaws?id=459193 Delhi HC upheld conviction of company for operating unregistered Collective Investment Scheme (CIS) under SEBI Act. Company collected funds from investors for teak unit schemes without SEBI registration, violating Section 12(1B). Directors Pankaj Jain and Deepak Jain held vicariously liable as persons in-charge of business operations and sentenced to three months imprisonment. However, Yashwant Jain and Sachin Gupta were acquitted as SEBI could not establish their directorship or responsibility for company's business conduct. en-us Mon, 24 Feb 2014 00:00:00 +0530 Wed, 04 Dec 2024 21:50:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459193 Delhi HC upheld conviction of company for operating unregistered Collective Investment Scheme (CIS) under SEBI Act. Company collected funds from investors for teak unit schemes without SEBI registration, violating Section 12(1B). Directors Pankaj Jain and Deepak Jain held vicariously liable as persons in-charge of business operations and sentenced to three months imprisonment. However, Yashwant Jain and Sachin Gupta were acquitted as SEBI could not establish their directorship or responsibility for company's business conduct. Case-Laws SEBI Mon, 24 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459193