Court Overturns Penalty on Directors Due to Lack of Specific Charges in Show Cause Notice.

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....Levy of penalty on the directors when there is no charge in the show cause notice or imposing the penalty - By merely providing the notice that the contents be brought to the notice of the Directors who may submit their response would not be sufficient notice to them. In the notice no allegations were made against the Directors. - Penalty set aside - - HC....