https://www.taxtmi.com/caselaws?id=772429 Securities Appellate Tribunal at Mumbai allowed appeal by Company Secretary/Compliance Officer charged with unfair trade practices. Company made public announcement for equity share buyback without adequate free reserves, allegedly misleading investors. SEBI found appellant liable under Companies Act Sections 68, 77A and SEBI regulations for signing buyback announcement despite understated loans in annual reports. Tribunal held adjudicating authority incorrectly presumed Company Secretary should verify/re-audit certified accounts already approved by Board. Charges were unclear and unambiguous, lacking specific violations. Tribunal ruled Company Secretary/Compliance Officer has no duty to re-examine audited accounts' veracity. Impugned order set aside. en-us Mon, 05 May 2025 00:00:00 +0530 Mon, 09 Jun 2025 07:29:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772429 Securities Appellate Tribunal at Mumbai allowed appeal by Company Secretary/Compliance Officer charged with unfair trade practices. Company made public announcement for equity share buyback without adequate free reserves, allegedly misleading investors. SEBI found appellant liable under Companies Act Sections 68, 77A and SEBI regulations for signing buyback announcement despite understated loans in annual reports. Tribunal held adjudicating authority incorrectly presumed Company Secretary should verify/re-audit certified accounts already approved by Board. Charges were unclear and unambiguous, lacking specific violations. Tribunal ruled Company Secretary/Compliance Officer has no duty to re-examine audited accounts' veracity. Impugned order set aside. Case-Laws SEBI Mon, 05 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772429