0028-2023 Dinesh Bhanushali vs Securities and Exchange Board of India
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Full text
“We find that such excessive penalty imposed upon the Company does not make any sense. In the instant case, there are public shareholders and workers. The Company is a running concern. Penalising the Company with such heavy penalty is in fact penalising the shareholders which is not justifiable especially for a running company. Further, the money raised through GDRs has been received by the Company and has not been misappropriated. The same has been utilitised for the purpose for which the GDR was issued which fact has not been disputed. Thus, it is not a case of defalcation of the
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
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Source: SecMarx — 0028-2023 Dinesh Bhanushali vs Securities and Exchange Board of India. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.