2025 (11) TMI 1722

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....Dheeraj Bhatnagar, Technical Member For the Appellant : Mr. Sameer Tripathi, Advocate For the Respondent : Sumit Rai, Advocate with Ms. Khushbu Chhajed, Mr. Nishit Dhruva, Mr. Vishal Jathar and Ms. Rasika Ghate, Advocates i/b. MDP Legal ORDER Per: Justice P.S. Dinesh Kumar, Presiding Officer This appeal is directed against order dated December 29, 2023 passed by the CGM Chief Genera....

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....d earlier and an order dated March 28, 2009 imposing monetary penalties against Unitech Advisors (India) Pvt. Ltd. and Ors. However, even after lapse of two years SEBI was receiving complaints with respect to different schemes. Accordingly, SEBI conducted inspection of books for the period April 1, 2019 to March 2020. It was observed by the SEBI that the fund was set up in the nature of a trust by....

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....sing monetary penalty against the Noticees including the appellant. 4. Learned Advocate for the appellant mainly contended that appellant was not a Director on the Board of the Noticee No. 1 Company. He was designated as an employed Director like other employees in the fund. Therefore, issuance of show cause notice and adjudication proceedings against him are not maintainable in law. 5. Ther....

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....We may record that no material is produced by the SEBI to show that appellant was indeed a Director. To a pointed query as to how appellant becomes liable for the acts of the Company and imposition of penalty Shri Rai submitted that the CGM has noted that the appellant was the Director of the investment committee. 8. Thus, there is no material on record to show that the appellant was a Director....