https://www.taxtmi.com/caselaws?id=461775 Securities Appellate Tribunal Mumbai held that penalty proceedings under Section 15HB of SEBI Act cannot be initiated for non-compliance of directions issued under Section 11B after enquiry and adjudication. The Tribunal distinguished between directions under Section 11B (which are adjudicatory orders enforceable like decrees under Section 28A) and directions under Section 15HB (which are regulatory compliance requirements). Since appellants had resigned in 2011, they were not in position to comply with WTM's direction to bring back money, establishing no willful failure. Section 15HB cannot be invoked for non-compliance of Section 11B orders. en-us Mon, 04 Dec 2023 00:00:00 +0530 Mon, 28 Apr 2025 19:07:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461775 Securities Appellate Tribunal Mumbai held that penalty proceedings under Section 15HB of SEBI Act cannot be initiated for non-compliance of directions issued under Section 11B after enquiry and adjudication. The Tribunal distinguished between directions under Section 11B (which are adjudicatory orders enforceable like decrees under Section 28A) and directions under Section 15HB (which are regulatory compliance requirements). Since appellants had resigned in 2011, they were not in position to comply with WTM's direction to bring back money, establishing no willful failure. Section 15HB cannot be invoked for non-compliance of Section 11B orders. Case-Laws SEBI Mon, 04 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461775