2021 (1) TMI 192

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....ccess the website of the Ministry of Corporate Affairs, Government of India and further commanding and restraining the respondents from treating or taking any steps treating the petitioners as disqualified Directors." 2. It is averred in the petition that the petitioner was appointed as an independent director of Kerala Housing Finance Limited - a company incorporated under the Companies act 1956 - but had resigned on 22.05.2016. The petitioner states that he is not a shareholder of the said company. 3. The learned counsel appearing for the petitioner earnestly contends that the petitioner is not liable for any of the acts of Kerela Housing Finance Limited. She relies upon the decision dated 27.11.2019 rendered by the Securities Appellate....

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....ad defaulted in complying with the aforesaid provisions of the Companies Act as well as the provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations (ICDR Regulations) and Securities and Exchange Board of India (Disclosure and Investment Protection) Guidelines, 2000. The petitioner contended that he was not in active management of Kerela Housing Finance Limited and the said company had taken the decision to issue debentures at a meeting of the Board of Directors held prior to the petitioner's appointment as a director of the said company. SAT accepted the said contention and set aside the order passed by SEBI. 7. It is apparent from the above that the issues involved before the SAT....