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2007 (11) TMI 685 - Board - SEBIExtract: .......volved in the two cases were the same and that the appellants have been found guilty only on account of their vicarious liability. 7. For the view that we have taken, it is not necessary for us to decide whether the penalty was properly quantified. In the result, the appeal is allowed and the impugned order set aside. There is no order as to costs.
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