TMI Blog2024 (12) TMI 1465X X X X Extracts X X X X X X X X Extracts X X X X ..... ance Company - responsibility of noticee no. 2 i.e. the Managing Director - violating Section 12A of the SEBI Act r/w Regulations 3 and 4 of the SEBI PFUTP Regulations - vicarious liability on both criminal and civil liability for contravention of the SEBI Act, Rules and Regulations - Liability against violations committed by the company As decided in RELIANCE INDUSTRIES LIMITED, MR. MUKESH D. AMB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e burden under Section 27 was discharged by noticee no. 2 and the AO has miserably failed to prove that noticee no. 2 was involved in the execution of the trades carried out by two senior executives. HELD THAT:- As no question of law involved in these Appeals warranting our interference in exercise of our jurisdiction under Section 15Z of the Securities and Exchange Board of India Act, 1992. Appea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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