SEBI: Where appellants being promoters of company had made a series of misleading corporate announcements, had transferred shares to connected persons off market, as well as pooled shares from various persons and offloaded those shares subsequent to corporate announcements, they had violated provisions of PFUTP Regulations, 2003 and accordingly penalty of Rs. 72 lakhs imposed on them under section 15HA SEBI Act and regulations 3 and 4 of PFUTP Regulations, 2003 was justified
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