https://www.taxtmi.com/caselaws?id=464551 AT held the GDR scheme was fraudulent, violating Section 12A(a),(b),(c) of the SEBI Act and Regulations 3 and 4 of the PFUTP Regulations; penalties were imposed but reduced as disproportionate. Applying the doctrine of proportionality, the tribunal found the company's penalty excessive given funds were used for stated purposes and not misappropriated, and Section 23E penalty was erroneous. The company's penalty was reduced to Rs.25 lakh; the Managing Director's penalty reduced to Rs.10 lakh; penalties against the Chairman and another director were affirmed. Appeal partly allowed. en-us Thu, 23 Feb 2023 00:00:00 +0530 Tue, 04 Nov 2025 20:06:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464551 AT held the GDR scheme was fraudulent, violating Section 12A(a),(b),(c) of the SEBI Act and Regulations 3 and 4 of the PFUTP Regulations; penalties were imposed but reduced as disproportionate. Applying the doctrine of proportionality, the tribunal found the company's penalty excessive given funds were used for stated purposes and not misappropriated, and Section 23E penalty was erroneous. The company's penalty was reduced to Rs.25 lakh; the Managing Director's penalty reduced to Rs.10 lakh; penalties against the Chairman and another director were affirmed. Appeal partly allowed. Case-Laws SEBI Thu, 23 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464551