NCLAT sets aside penalty imposed by SEBI under SAST norms as appellant proved submission of disclosures to target-Co.

COMPANY LAW/SEBI : Where appellants were former promoters of target company which was taken over by another company and penalty was imposed upon appellants for failure to make public announcement of open offer while they were promoters of target company, however, there was proof that disclosure form was received by employee of one of appellants employee and not by target company, but, considering fact that all these companies formed one group and were situated in one premisesCOMPANY LAW/SEBI : Where appellants were former promoters of target company which was taken over by another company and penalty was imposed upon appellants for failure to make public announcement of open offer while they were promoters of target company, however, there was proof that disclosure form was received by employee of one of appellants employee and not by target company, but, considering fact that all these companies formed one group and were situated in one premiseswww.taxmann.com Latest Case LawsRead More

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