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2013 (11) TMI 631 - SECURITIES APPELLATE TRIBUNAL, MUMBAIPenalty on the appellant for violation of the insider trading regulations - Violation of Regulations 13(4) read with 13(5) as required by SEBI (Prohibition of Insider Trading) Regulations, 1992 - Failure to make disclosure - necessary material not brought on record to establish that the appellant was either a director or an officer of the company within the meaning of section 2(30) of the Companies Act, 1956 read with definition of the expression 'officer' as explained in Regulation 2(g) of the Insider Trading Regulations in question - Held that:- vital documents like e-mail received from NSE on January 20, 2012 and other connected documents which have been thoroughly relied upon by the learned adjudicating officer to come to the conclusion against the appellant in the impugned order and to hold him guilty of violation of Insider Trading Regulations were admittedly not supplied to the appellant either with show-cause notice or during the course of adjudication proceedings - This is evidently violation of principles of natural justice in as much as the appellant was not given an opportunity to confront these documents and to make his effective and proper defense on the same - Matter remanded back for fresh consideration - Decided in favour of Appellant.
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