https://www.taxtmi.com/caselaws?id=459773 An adverse order affecting investor companies could not stand where they were not given notice or an effective hearing, because an order causing civil consequences must comply with natural justice. A change in shareholding and allotment of convertible warrants did not, by itself, establish a change of management, especially where undertakings, irrevocable proxies and the rehabilitation plan indicated passive investment. The record also supported compliance with the Companies Act and the rehabilitation framework, and the objections on RBI, FIPB and FEMA grounds were not substantiated. The impugned directions were therefore interfered with, and the rehabilitation process was to be reconsidered on the existing record. en-us Tue, 02 Feb 2010 00:00:00 +0530 Fri, 27 Dec 2024 14:50:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459773 An adverse order affecting investor companies could not stand where they were not given notice or an effective hearing, because an order causing civil consequences must comply with natural justice. A change in shareholding and allotment of convertible warrants did not, by itself, establish a change of management, especially where undertakings, irrevocable proxies and the rehabilitation plan indicated passive investment. The record also supported compliance with the Companies Act and the rehabilitation framework, and the objections on RBI, FIPB and FEMA grounds were not substantiated. The impugned directions were therefore interfered with, and the rehabilitation process was to be reconsidered on the existing record. Case-Laws SEBI Tue, 02 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459773