2019 (10) TMI 1049

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....r, Dr. C. K. G. Nair, Member And Mr M. T. Joshi, Judicial Member For The Appellants : Mr. Neville Lashkari, Advocate with Mr. Kunal Mehta, Advocate i/b Crawford Bayley & Co. For The Respondent : Advocate i/b The Law Point ORDER Per : Justice Tarun Agarwala, Presiding Officer (Oral) 1. The appellants have challenged the order dated November 30, 2017 whereby a penalty of Rs. 40 lacs h....

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....gave a power of attorney to the lenders. According to the appellants, the lenders invoked the pledge and sold their shares without intimation and when the appellants became aware they made the disclosures under the PIT and SAST Regulations though belatedly. 3. After five years, a show cause notice dated February 7, 2017 was issued by the Adjudicating Officer (hereinafter referred to as, 'AO') a....

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....r imposing a penalty of Rs. 40 lacs upon the appellants to be paid jointly and severally. 4. We have heard Shri Neville Lashkari with Shri Kunal Mehta, the learned counsel for the Appellants and Shri Anubhav Ghosh with Ms. Rashi Dalmia, the learned counsel for the respondent. 5. Before this Tribunal, an attempt was made to justify the disclosures made belatedly on the strength that the appel....

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.... to that extent, the order of the AO holding the appellants guilty of violating the provisions of the PIT and SAST Regulations cannot be faulted and is upheld. 7. However, considering the factors enumerated under Section 15J of the SEBI Act, we find that there was no disproportionate gain or unfair advantage gained by the appellants as a result of the default nor anything has come on record to ....