Does a Chairman's statement expressing interest in acquiring another company amount to fraud? SAT answersMarch 16 2019
While overruling an order passed by the Adjudicating Officer (AO) of the Securities and Exchange Board of India (SEBI), the Securities Appellate Tribunal (SAT) has found that a substantial movement in the prices of a profitable company cannot be attributed to a news report alone.
The SAT was hearing an appeal filed by Chairman of Emami Limited, RS Agarwal, against an order passed by the AO imposing a penalty of Rs 8 lakh on him for giving out (mis)information.
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