https://www.taxtmi.com/caselaws?id=773776 The Securities and Exchange Board of India Board disposed of proceedings against a noticee regarding contraventions related to issuance of Redeemable Preference Shares without compliance with Companies Act 1956 and SEBI Act 1992. The Board held that liability under Section 73(2) requires the person to be an "officer who is in default" as defined in Section 5 of Companies Act 1956. Since the Final Order failed to establish that the noticee was Managing Director, Whole Time Director, or person charged with compliance responsibilities during the relevant period 2011-12, and no evidence showed the noticee's involvement in RPS issuance, the proceedings were disposed of without finding liability. en-us Wed, 23 Apr 2025 00:00:00 +0530 Sat, 28 Jun 2025 08:31:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773776 The Securities and Exchange Board of India Board disposed of proceedings against a noticee regarding contraventions related to issuance of Redeemable Preference Shares without compliance with Companies Act 1956 and SEBI Act 1992. The Board held that liability under Section 73(2) requires the person to be an "officer who is in default" as defined in Section 5 of Companies Act 1956. Since the Final Order failed to establish that the noticee was Managing Director, Whole Time Director, or person charged with compliance responsibilities during the relevant period 2011-12, and no evidence showed the noticee's involvement in RPS issuance, the proceedings were disposed of without finding liability. Case-Laws SEBI Wed, 23 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773776