Default by company to refund the amount collected under the ...

Director's 50-Day Tenure: Penalty Quashed for Limited Role in CIS Refund Default.

December 12, 2019

Case Laws SEBI AT

Default by company to refund the amount collected under the Collective Investment Schemes ("CIS") - officer in default - vicarious liability of a peson who was a director only for 50 days - he was not instrumental in the launching/ sponsoring or carrying on the scheme. - Penalty order quashed.

View Source

← Previous Next →

Default by company to refund the amount collected under the ...

Director's 50-Day Tenure: Penalty Quashed for Limited Role in CIS Refund Default.

December 12, 2019

Case Laws SEBI AT

You may also like:

Levy of fine / penalty - Failure to file the copies of the Annual Returns with the Registrar of Companies, Maharashtra, Mumbai within prescribed time - bona fide delay...

Penalty u/s 271D - Default u/s 269SS - cash loan(s) availed form its Managing Director in current account - day-to-day emergency expenses - AO directed to examine that...

Non-executive director's vicarious liability u/s 138 of the Negotiable Instruments Act for dishonor of cheques issued by the company examined. Specific averments and...

Levy of penalty u/ss 271D and 271E was challenged - default u/ss 269SS and 269T - assessee received and repaid cash loans from directors and related concerns - assessee...

The law regarding the liability of a director for an offence u/s 138 of the Negotiable Instruments Act committed by a company is well-established. Section 141, being a...

RBI establishes Foreign Portfolio Investors (FPIs) investment limits for fiscal year 2025-26, maintaining existing percentage allocations across securities categories....

Circular provides revised procedure for electronic filing and processing of refund applications by Canteen Stores Department (CSD) u/s 55 of CGST Act. CSD can...

Delay in deposit of TDS led to a complaint against the company and its directors for an offense u/ss 276B and 278B. However, the TDS was deposited with interest u/s...

Defaulting director of a ‘Vanishing Company’ - Restrictions / Penalties imposed by the SEBI - Non-executive director, not holding any share - there is material to...

NCLAT determined that failure to file Board Reports for FY 2010-11 and 2013-14 constituted continuing offences under s.220 of Companies Act, 1956. While appellants...

Registration for operating CIS scheme - sham CIS – Winding up of scheme and refund on non-compliance – Whether SEBI was justified in holding that schemes floated by...

Liability of directors u/s 179 - Recovery of dues of company - Onus to prove the gross neglect or misfeasance or breach of duty on his part - No material is highlighted...

The court interpreted Section 141 of the Negotiable Instruments Act, holding that managing directors and joint managing directors are responsible for the company's...

Extension of tenure of Director of Enforcement - Though we have upheld the power of the Union of India to extend the tenure of Director of Enforcement beyond the period...

Maintainability of section 7 application - Initiation of CIRP - existence of debt and default - date of default - On 14.02.2020 the account was declared NPA - The...

Quick Updates: