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TMI Blog2022 (1) TMI 1245X X X X Extracts X X X X X X X X Extracts X X X X ..... the Respondent. Per: Justice Tarun Agarwala, Presiding Officer 1. For the reasons stated in the application, the delay in the filing of the appeal is condoned. The application is allowed. 2. The present appeal has been filed against the order of the Adjudicating Officer (hereinafter referred to as 'AO') dated 19th September, 2019 whereby the appellants have been penalised a cumulative sum of Rs.35 lakhs for violation of Regulation 23 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (hereinafter referred to as 'LODR Regulations'). 3. The facts leading to the filing of the present appeal is, that the Company R.T. Exports Ltd. proposed to enter into a transaction wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and, accordingly, imposed a penalty of Rs.5 lakhs on each of the appellants. The appellants being aggrieved by the said order has filed the present appeal. 6. We have heard Mr. Pesi Modi, Senior Advocate assisted by Mr. Neville Lashkari, Mr. Anshuman Sugla and Ms. Tanya Gupta, Advocates for the appellants and Mr. Gaurav Joshi, Senior Advocate assisted by Mr. Abhiraj Arora, Mr. Karthik Narayan, Mr. Harshvardhan Nankani and Mr. Shourya Tanay, Advocates for the respondent. 7. The short question that arises for consideration is whether the appellants were justified in voting for rescinding the resolution dated 15th July, 2014 inspite of being related party entities. In order to understand the controversy, it would be appropriate to refer to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y transactions entered into by the company in its ordinary course of business other than transactions which are not on an arm's length basis: ................................" "Regulation 2(zc) of the SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015. "2(zc) ― "related party transaction" means a transfer of resources, services or obligations between a listed entity and a related party, regardless of whether a price is charged and a "transaction" with a related party shall be construed to include a single transaction or a group of transactions in a contract: Provided that this definition shall not be applicable for the units issued by mutual funds which are listed on a recognised stock exchange(s);" 8. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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