2019 (11) TMI 1416 - SCH - SEBI

Violation of SEBI (Listing and Disclosures Requirements) Regulations 2015 - inordinate delay the initiation of proceedings by issuance of the show cause notice which culminated into a penalty order - Directors sold the shares during investigation period proposal for change in management of the company was moved through postal ballot for approval of members on July 22 2010 but no corporate announcement was made to the Exchange regarding the Board Meeting - HELD THAT - No ground to interfere with the impugned order passed by the Tribunal. The appeals are accordingly dismissed. Question of law is kept open.

Summary

The Supreme Court of India dismissed the appeal as they found no ground to interfere with the Tribunal's order. The question of law is kept open, and pending applications shall stand disposed of.