Supreme Court of India
Securities and Exchange Board of v. Udayant Malhoutra
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the opinion that no amount towards disgorgement can be directed to be deposited in advance unless it is adjudicated and quantified unless there is some evidence to show and justify the action taken.
Judgment, page 4
From the headnote
Securities and Exchange Board of India Act 1992 – s.19 r/w. ss.11(1), 11(4)(d), 11(4A), 11(5) and 11B – SEBI (P rohibition of Insider Trading) Regulations 2015 – regn.10 – It was alle ged that respondent-CEO and Managing Director of the company ha d sold 51,000 shares of the company on 24.10.2016 having i nside knowledge of price sensitive information, namely, t he unaudited financial results of the quarter ending on 30.09.2016 – Later, the price of the scrips of the company sustained a drastic reduction – The allegation against the respondent was that being in po ssession of price sensitive
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