9911796707
TMI Blog2015 (4) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... with Mr. Mihir Mody, Mr. Rushin Kapadia, Advocates Per : Jog Singh (Oral) 1. The appellant, namely, M/s. Gulab Impex Enterprises Ltd., is a company incorporated under the Companies Act, 1956 with its registered office at 10A, Scindia House, Connaught Circus, New Delhi - 110 001. The appellant is aggrieved of the action of the respondent in imposing a penalty of Rs. 9 lac for violation of Regula ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellant, Shri Sunil Humbre is that the two stock exchanges, where the shares of the company are listed, namely, Delhi Stock Exchange and UP Stock Exchange, are non functional and no trading is being carried on by the investors or shareholders in the scrip of the appellant company since last many years. The learned counsel for the appellant further submits that they have been disclosing regularly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ged under Regulation 8(3) of the SAST Regulations, 1997 is meant for the benefit of all concerned by giving full opportunity to shareholders / investors to take an informed decision either exit or invest. In fact, we have repeatedly held that such disclosure requirement is necessary for bringing about transparency in the transactions of a company in as much as it leads to dissemination of proper i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company shall file proper disclosure to the stock exchanges within a period of two weeks although it is claimed that such disclosures have already been made in the past. In addition, we also note the conduct of appellant in approaching SEBI on its own and thereby bringing the violation in question to the notice of SEBI. 6. In the peculiar facts and circumstances of the case, therefore, we are co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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