2024 (8) TMI 25 - SCH - SEBI

Defalcation of the proceeds from the preferential issue - allegation of mis-utilization of the proceeds - inordinate delay in the issuance of the show cause notice - as decided by SAT 2023 (7) TMI 1440 - THE SECURITIES APPELLATE TRIBUNAL MUMBAI issuance of the preferential issue was known to the stock exchange as well as to SEBI and therefore there is no justification for issuance of show cause notice at this belated stage. No penalty could be imposed for the alleged deviation. We also find that there is no charge of defalcation of the proceeds from the preferential issue. HELD THAT - We do not find any good ground and reason to interfere with the impugned judgment and hence the present appeals are dismissed. The question(s) of law is left open. Pending application(s) if any shall stand disposed of.

Summary

The Supreme Court dismissed the appeals as it found no good ground to interfere with the impugned judgment. The question(s) of law is left open, and any pending application(s) shall stand disposed of.