SAT restrains MDs of a company from accessing security market for fraudulently issuing GDRSs

COMPANY LAW/SEBI : Where appellant company had issued GDRs which were fully subscribed by single entity Vintage, issue of GDRs was vitiated by fraud as Vintage took a loan from foreign bank for which appellant company provided security in form of Pledge Agreement and, therefore, managing director of appellant company were restrained from accessing security market for violation of regulations 3 and 4 of PFUTP RegulationsCOMPANY LAW/SEBI : Where appellant company had issued GDRs which were fully subscribed by single entity Vintage, issue of GDRs was vitiated by fraud as Vintage took a loan from foreign bank for which appellant company provided security in form of Pledge Agreement and, therefore, managing director of appellant company were restrained from accessing security market for violation of regulations 3 and 4 of PFUTP Regulationswww.taxmann.com Latest Case LawsRead More

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