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TMI Blog2022 (7) TMI 1428X X X X Extracts X X X X X X X X Extracts X X X X ..... es i/b Mansukhlal Hiralal & Co. ORDER Per: Justice Tarun Agarwala, Presiding Officer Misc. Application No. 1322 of 2021 1. For the reasons stated in the application, the delay in the filing of the appeal is condoned. The application is allowed. Appeal No. 750 of 2021 2. The present appeal has been filed against the order dated July 08, 2021 passed by the Whole Time Member ("WTM" for convenience) of the Securities and Exchange Board of India ("SEBI" for convenience) restraining the appellants from accessing the securities market and further prohibiting them from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, for a period of one year. The appellan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ulations and; (d) Violation of PFUTP Regulations. 6. The WTM after considering the replies of the appellants and the material evidence on record concluded that the appellants misrepresented its financials and violated the accounting standards. The WTM also found that various provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("LODR Regulations" for convenience) was not complied with during the three financial years and there were lapses on the part of the Company in not making the disclosures within the stipulated period. The WTM further found that non-furnishing of information to the Forensic Auditor was violative of Section 11(2)(i) of the SEBI Act. The WTM further found that there was no violation o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to any shareholder or investor. In the absence of any specific loss being caused to anyone it was contended that the penalty imposed in the given circumstances was totally disproportionate to the alleged violation apart from being harsh and excessive. 9. On the other hand, the learned senior counsel for the respondent contended that the violation was grave and, consequently, the directions and the penalties imposed by the WTM were just and proper. 10. Upon a perusal of the findings, we find that a clear finding has been given that there is no misappropriation of the funds of the Company nor there is any manipulation in the price of the scrip. Further, no fraud has been played by the Company and its Directors to its investors and shareh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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