TaxTMI 
TaxTMI 
2021 (11) TMI 1226
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....ions)<br>Dated:- 15-11-2021<br>Appeal No. 662 of 2021 WITH Appeal No. 663 of 2021, Appeal No. 673 of 2021 AND Appeal No. 674 of 2021 - -<br>Securities / SEBI<br>Justice Tarun Agarwala, Presiding Officer And Justice M.T. Joshi, Judicial Member Mr. Shantibhushan Nirmal, Advocate i/b Profess Law Associates, Mr. Kishori Kelkar, Advocate, Mr. Deepak Dhane, Advocate i/b Profess Law Associates f....
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....ntial issue and consequently misled the investors and shareholders regarding raising of funds through preferential shares. The appellants being aggrieved by the impugned order have filed the present appeals. 3. Having heard the learned counsel for the appellants at some length we find that the Tilak Finance Limited ('the Company' for short) had allotted 62,80,000 equity shares on October 18, 20....
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.... shareholders regarding raising of funds through preferential shares. 4. Having heard the learned counsel for the parties, we find that the contention of the appellants that they had issued a loan to the Noticee 16 in the normal course of business cannot be accepted. The trail of funds as depicted in the impugned order clearly indicates that the Company transferred funds to Noticee 16 who in tu....
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....ore us Girraj Kishor Agrawal and Tanu Girraj Kishor Agrawal were Managing Director and Director of the appellant Company were also Directors in Noticee 16 Company. Thus, we do not find any manifest error in the impugned order passed by the AO. 5. The appeals fail and are dismissed in limine without any order as to costs. 6. The present matter was heard through video conference due to Covid-1....