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2012 (6) TMI 485 - HIGH COURT OF DELHIThe company raised a huge amount - violation of sections 11(b) and 12(1b) of the SEBI Act, 1992, read with articles 5, 68, 73 and 74 of the Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999 - an offence punishable under section 24 of the SEBI Act was committed. - held that:- The offence is to continue with the scheme post March 31, 2000, in spite of the scheme not being registered and the deposits not returned to the investors. - it has been averred that as directors of accused No. 1, accused No. 2 to accused No. 11 were the persons in charge of and responsible for the conduct of the business of accused No. 1 and thus were liable for the violations committed by accused No. 1, as provided by section 27 of the SEBI Act, 1992.
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