https://www.taxtmi.com/caselaws?id=772987 A sanctioned corporate scheme cannot be used to defeat the mandatory minimum public shareholding requirement under rule 19A of the Securities Contracts (Regulation) Rules, 1957. The Court found that the scheme and its implementation did not achieve lawful compliance with the public shareholding norm, and that the subsequent divestment efforts were not bona fide. On that basis, it upheld the order permitting SEBI to take enforcement action and found no ground to interfere with the challenged order. en-us Thu, 10 Apr 2025 00:00:00 +0530 Mon, 16 Jun 2025 17:19:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772987 A sanctioned corporate scheme cannot be used to defeat the mandatory minimum public shareholding requirement under rule 19A of the Securities Contracts (Regulation) Rules, 1957. The Court found that the scheme and its implementation did not achieve lawful compliance with the public shareholding norm, and that the subsequent divestment efforts were not bona fide. On that basis, it upheld the order permitting SEBI to take enforcement action and found no ground to interfere with the challenged order. Case-Laws SEBI Thu, 10 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772987