2024 (9) TMI 845

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ividend of but failed to deposit the amount in a separate bank account within five days and did not disburse it to the shareholders within thirty days - respondent-M/S. Securities and Exchange Board of India (SEBI) admits that the amount has actually been paid. He, however, submits that under the statutory provisions, the appellants do not have an escape and therefore, the High Court [ 2022 (5) TM .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nd file proof of deposit with the Registry of this Court within ten weeks from today,the criminal proceedings initiated by the respondent-SEBI would stand closed.The appeals stand allowed to the above extent. - HON'BLE MR. JUSTICE VIKRAM NATH And HON'BLE MR. JUSTICE SATISH CHANDRA SHARMA For the Petitioner : Mr. Goutham Shivshankar, AOR For the Respondent : Mr. Niranjan Reddy, Sr. Adv. ( .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... y been paid. He, however, submits that under the statutory provisions, the appellants do not have an escape and therefore, the High Court has rightly declined to quash the proceedings. 5. Considering the facts and circumstances of the case, we feel that interest of justice would be best served if the appellants are put to terms for the violation committed by them instead of allowing the trial to p .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X