https://www.taxtmi.com/caselaws?id=773775 SEBI disposed of proceedings against a former director regarding contraventions related to public issuance of NCDs by the company. The Board found that without establishing the respondent as an "officer in default" under Companies Act 1956 Section 73(2), liability for repayment of collected funds could not be imposed. Since no finding existed that the respondent was Managing Director, Whole Time Director, or specifically charged with compliance responsibilities, violations under Sections 56, 60, 117B, and 117C could not be attributed to him, resulting in disposal of proceedings without directions. en-us Wed, 09 Apr 2025 00:00:00 +0530 Sat, 28 Jun 2025 08:31:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773775 SEBI disposed of proceedings against a former director regarding contraventions related to public issuance of NCDs by the company. The Board found that without establishing the respondent as an "officer in default" under Companies Act 1956 Section 73(2), liability for repayment of collected funds could not be imposed. Since no finding existed that the respondent was Managing Director, Whole Time Director, or specifically charged with compliance responsibilities, violations under Sections 56, 60, 117B, and 117C could not be attributed to him, resulting in disposal of proceedings without directions. Case-Laws SEBI Wed, 09 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773775