https://www.taxtmi.com/caselaws?id=763955 The Securities Appellate Tribunal Mumbai held that stock split constitutes UPSI as it requires shareholder approval under Companies Act 2013 and impacts stock liquidity and affordability, likely influencing price trends. The UPSI period commenced March 20, 2017, when specific discussions regarding the company's stock split occurred. However, the appellants could not be held as insiders despite pre-IPO preferential share allocation, as they were classified as "unrelated parties" rather than connected persons. The tribunal found no evidence that appellants possessed or had access to UPSI during trading, ruling that mere preferential allotment subscription doesn't establish insider status. The appeal was allowed. en-us Thu, 10 Oct 2024 00:00:00 +0530 Wed, 01 Jan 2025 08:33:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763955 The Securities Appellate Tribunal Mumbai held that stock split constitutes UPSI as it requires shareholder approval under Companies Act 2013 and impacts stock liquidity and affordability, likely influencing price trends. The UPSI period commenced March 20, 2017, when specific discussions regarding the company's stock split occurred. However, the appellants could not be held as insiders despite pre-IPO preferential share allocation, as they were classified as "unrelated parties" rather than connected persons. The tribunal found no evidence that appellants possessed or had access to UPSI during trading, ruling that mere preferential allotment subscription doesn't establish insider status. The appeal was allowed. Case-Laws SEBI Thu, 10 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763955