Vicarious liability of directors couldn't be imputed automatically in case where co. was an offender: SAT

COMPANY LAW/SEBI: Where a company issued reedemable non-convertible debentures in violation of section 73 of Companies Act and thus, SEBI directed company and its directors to refund said amount to investors, in view of fact that SEBI had given a categorically finding that chairman of company was responsible for affairs of company, it was not open for SEBI to pass further order on other directors for refund of monies especially when there was no evidence to indicate that other directors were als

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