TMI BlogContravention of provisions of the SEBI Act - Liability of directors in alleged offence - the accused...Contravention of provisions of the SEBI Act - Liability of directors in alleged offence - the accused petitioners were fully aware and had knowledge about the activity of the company and also the contraventions of law made by it. The onus therefore shifts upon the petitioners under proviso to section 27(1) of SEBI Act that they had no knowledge about the contravention of the provisions of law committed by the Company in mobilizing such huge amount of funds from public shares. - Since the petitio..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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