Managing Director cleared of penalties for fraudulent gains; SEBI Act's Section 27 deemed inapplicable to civil liability.

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....Responsibility of the Managing Director - Unlawful gains by fraudulent and manipulative strategy made by Reliance Company - There is a distinction between “offence” and “contravention” - Section 27 of the SEBI Act as it stood prior to the amendment did not apply to civil liability and, therefore, the Managing Director could not be penalised by SEBI u/s 27 of the Act. - The limited role played by the Board was only to take note of the transactions after they had been executed by the two senior executives. - AT....