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2016 (8) TMI 918 - AT - Companies LawDisclosing of price sensitive information belatedly - violation of the PIT Regulations - Contracts for supply of goods entered into by the Company with foreign enterprises - Held that:- Every contract for supply of goods manufactured by a company may not be a price sensitive information, however, in the facts of present case, the contracts to supply 65% of the yearly contracts received by the company, constituted price sensitive information which ought to have been disclosed. It is relevant to note that the penalty is imposed on the Company and the other Appellants after noticing that in the past too, SEBI has found that the Company had committed similar default for which the Company has been penalized. Since the violation is found to be repeated, the decision of the AO to penalize the Company and other Appellants cannot be faulted. Moreover, since the penalty is imposed jointly and severally, it is open for the Company to discharge the entire penalty. Given that the AO has considered the mitigating factors under Section 15-J of SEBI Act and thereafter imposed a penalty of ₹ 25 lac under Section 15-HB of SEBI Act (maximum penalty provided for under this Section is Rs.One crore), we do not find any merit in the contentions raised on behalf of the Appellants.
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