Director who was not involved in launching or executing of CIS wasn't liable for violations by other directors

COMPANY LAW/SEBI ACT: Where company was engaged in Collective Investment Scheme (CIS) without obtaining necessary registration and there was no evidence on record to show that appellant director of company was instrumental either in launching on CIS or collection of money, rather, scheme was launched/sponsored by other directors of company prior to appointment of appellant as director, appellant could not be held liable for violation of SEBI (Collective Investment Schemes) Regulations, 1999

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