https://www.taxtmi.com/caselaws?id=781315 The AT held that the company self-funded its preferential allotment and breached Section 77(2) Companies Act and PFUTP Regulations; the company and its KMPs were liable, and the conduit and allottee entities were found to have facilitated the transactions and violated the PFUTP Regulations. The tribunal, however, found no basis to sustain joint-and-several liability as to certain appellants for funds they received and noted that conduits already held sufficient funds; consequently the appeal was allowed in respect of the impugned penalty imposition on those appellants. The delay in issuance of SCNs was not fatal. en-us Wed, 15 Oct 2025 00:00:00 +0530 Wed, 12 Nov 2025 17:22:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781315 The AT held that the company self-funded its preferential allotment and breached Section 77(2) Companies Act and PFUTP Regulations; the company and its KMPs were liable, and the conduit and allottee entities were found to have facilitated the transactions and violated the PFUTP Regulations. The tribunal, however, found no basis to sustain joint-and-several liability as to certain appellants for funds they received and noted that conduits already held sufficient funds; consequently the appeal was allowed in respect of the impugned penalty imposition on those appellants. The delay in issuance of SCNs was not fatal. Case-Laws SEBI Wed, 15 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781315