https://www.taxtmi.com/highlights?id=84421 The AT upheld FMC's jurisdiction to conduct inquiry into affairs of NMCE and its key management personnel to protect investors' interests. It found payment of Rs. 28.8 crore by NMCE to ATSPL for software development bogus, amounting to embezzlement. Allotment of NMCE shares to appellant No. 2 without following due process was held illegal. Appointment of 144 consultants without due diligence and misappropriation of NMCE funds of over Rs. 60 lakh for personal expenses by appellant No. 1 and family were also upheld as irregularities. The appeals were dismissed. en-us Tue, 31 Dec 2024 08:43:12 +0530 Tue, 31 Dec 2024 08:43:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=84421 The AT upheld FMC's jurisdiction to conduct inquiry into affairs of NMCE and its key management personnel to protect investors' interests. It found payment of Rs. 28.8 crore by NMCE to ATSPL for software development bogus, amounting to embezzlement. Allotment of NMCE shares to appellant No. 2 without following due process was held illegal. Appointment of 144 consultants without due diligence and misappropriation of NMCE funds of over Rs. 60 lakh for personal expenses by appellant No. 1 and family were also upheld as irregularities. The appeals were dismissed. Highlights SEBI Tue, 31 Dec 2024 08:43:12 +0530 https://www.taxtmi.com/highlights?id=84421