SAT upholds order passed by SEBI in matter of GDR issue of Jindal Cortex Ltd.

COMPANY LAW : Where appellant company issued GDRs which were subscribed by one 'V', in view of fact that subscriber to GDR issue subsequently took a loan from foreign bank that was enabled by pledge agreement of GDRs signed between issuer company i.e. appellant herein and loaner bank, however, said information was not disclosed to investors as well as other stakeholders of company, it could be concluded that method adopted by appellant was vitiated through fraud and, thus, impugned order passed

from www.taxmann.com Latest Case Laws https://ift.tt/2HaVr1O