Directors couldn't be directed to return money collected under CIS if nothing was collected during their tenure

COMPANY LAW : Where SEBI finding that one 'S' Ltd. launched Collective Investment Scheme (CIS) without requisite registration under SEBI Act, directed appellants, i.e. directors of 'S' Ltd., to refund monies of investors and further to wind-up scheme, in view of fact that appellants were appointed as directors for a limited period between 2008 and 2009 and during said period, no amount was collected under CIS and, moreover,appellants after their resignations were not involved in affairs of 'S' L

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