Responsibility of the Managing Director - Unlawful gains by ...

Managing Director cleared of penalties for fraudulent gains; SEBI Act's Section 27 deemed inapplicable to civil liability.

December 7, 2023

Case Laws SEBI AT

Responsibility of the Managing Director - Unlawful gains by fraudulent and manipulative strategy made by Reliance Company - There is a distinction between “offence” and “contravention” - Section 27 of the SEBI Act as it stood prior to the amendment did not apply to civil liability and, therefore, the Managing Director could not be penalised by SEBI u/s 27 of the Act. - The limited role played by the Board was only to take note of the transactions after they had been executed by the two senior executives. - AT

View Source

← Previous Next →

Responsibility of the Managing Director - Unlawful gains by ...

Managing Director cleared of penalties for fraudulent gains; SEBI Act's Section 27 deemed inapplicable to civil liability.

December 7, 2023

Case Laws SEBI AT

You may also like:

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...

Penalty invoking the provisions of section 271D - Managing Director of the assessee company had extended cash to the company - loan or deposits u/s 269SS - By invoking...

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

Levy of penalty on Customs Broker and Managing Director u/s 112 (a) - Deemed conclusion of proceedings on payment of duty with interest - the Circular has not...

Clandestine removal - Jurisdiction - The statement of the Managing Director recorded under Section 14 of the Act of 1944 could be relied upon and treated as a relevant...

Dishonor of Cheque - signatories of the defaulted cheque - Liability of Chairman / Managing Director - Having done that there was no liberty available to the complainant...

Offence under SEBI - person responsible for the commission of the offence - A company may have numerous Directors, however, it is apposite to state that to make each of...

Disallowance of commission paid to Managing Director and Working Director - it cannot be doubted that the payment of dividend was made in the guise of commission to the directors.

Officer in default – whether when the company had a managing director, whole-time director and manager there cannot be any prosecution against the petitioner who was an...

Interpretation of Statute - it is concluded that Section 14 and Section 238 of IBC 2016 has an overriding effect on Section 28A of SEBI Act. - SEBI is not barred from...

Levy of penalty on Director of the company - The appellant being a Director of the Company involved in the entire Modus Operandi of fraudulent availment of credit and...

Penalty u/s 112 of CA on Managing Director - Import of car under EPCG Scheme - The evolution of the scheme beyond physical exports is within the purview, and only, of...

Appointment of Additional Director or independent Director - incorrect declaration in the aforesaid Form DIR-12 or not - The subsequent documents along with the...

The Master Circular for Commodity Derivatives Segment issued by SEBI consolidates circulars up to March 31, 2023. It replaces previous circulars and applies to stock...

The review petition challenges the order imposing interest liability over the withheld amount and cost on the Managing Director. The court held that reviewing an order...

Quick Updates: