Supreme Court of India
Securities and Exchange Board of India v. V Shankar
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
For the above reasons, the appeal is allowed and the impugned order of the Tribunal dated 1 November 2022 is set aside.
Judgment, page 6
From the headnote
SEBI (Buyback of Securities) Regulations, 1998 – Regulation 19(3) – Interpretation of – Notice to show cause was iss ued by the Whole Time Member (WTM) of SEBI to Deccan Chronicle Holdin gs Limited (DCHL), its Chairperson, Vice-chairperson a nd Company Secretary-respondent herein – penalty of Rs.10 lakhs was imposed on the respondent – Respondent was held liable on the ground that he was the Company Secretary when a buyback offer worth Rs.2 70 crores was made by the company in violation of regulatory provisions – Order set aside by the Securities Appellate Tribunal – On a ppeal, held:
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