Adjudicating Officer Exceeded Authority: Misinterpretation of SAT Order Leads to Unwarranted Maximum Penalty in Disclosure Case.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Non-disclosure of certain material information in the offer documents - This is a fit case where no penalty could be imposed and the question of imposing the maximum penalty in the given facts and circumstance does not arise. The AO has clearly exceeded its power in imposing the maximum penalty. The AO has misinterpreted the order of Securities Appellate Tribunal (SAT).....