Home Case Index All Cases SEBI SEBI + AT SEBI - 2014 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (3) TMI 1153 - AT - SEBINon closing the trading window prior to the meeting of the Board of Directors of the appellant company - penalty imposed upon the appellant under Section 15HB of the SEBI Act, 1992 - HELD THAT:- Show cause notice was in fact issued to the Compliance Officer of appellant, however, in that show cause notice issue relating to failure on part of Compliance Officer in not closing the trading window has not been raised. However, in the impugned order it is held that alleged violation recorded in the show cause notice against Compliance Officer does not stand established. While holding that in the facts of present case, Compliance Officer is liable for not closing the trading window, in fact it is held that Compliance Officer has not violated any of the regulations. In these circumstances, making the appellant company liable for not closing the trading window cannot be sustained. Accordingly, impugned order which purports to hold appellant company liable for not closing the trading window prior to the meeting of Board of Directors held on April 30, 2009 and November 27, 2009 is quashed and set aside.
|