https://www.taxtmi.com/caselaws?id=763954 The Securities Appellate Tribunal ruled in favor of the appellant company regarding exemption from corporate governance provisions under Regulation 23 of SEBI (LODR) Regulations, 2015. The appellant argued that with paid-up share capital below Rs.10 crores, it qualified for exemption from corporate governance compliance requirements. The Tribunal held that entities with equity share capital under Rs.10 crores are exempt from corporate governance provisions, interpreting the statutory language in its natural and ordinary sense. The appeal was allowed, penalty deemed unsustainable, and SEBI was directed to refund the penalty with 8% annual interest within eight weeks. en-us Thu, 26 Sep 2024 00:00:00 +0530 Wed, 01 Jan 2025 08:33:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763954 The Securities Appellate Tribunal ruled in favor of the appellant company regarding exemption from corporate governance provisions under Regulation 23 of SEBI (LODR) Regulations, 2015. The appellant argued that with paid-up share capital below Rs.10 crores, it qualified for exemption from corporate governance compliance requirements. The Tribunal held that entities with equity share capital under Rs.10 crores are exempt from corporate governance provisions, interpreting the statutory language in its natural and ordinary sense. The appeal was allowed, penalty deemed unsustainable, and SEBI was directed to refund the penalty with 8% annual interest within eight weeks. Case-Laws SEBI Thu, 26 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763954