SEBI was justified in imposing penalty on cos. for violation of non-disclosure of FCCBs: SAT

COMPANY LAW/SEBI : Where appellant, director of company 'P', had failed to disclose about non-redemption of FCCBs to Stock Exchange, appellant had violated clause 21 and clause 36 of Listing Agreement and, imposition of penalty upon appellant by Stock Exchange for said violation was justified; this will be so irrespective of fact that amendment in terms of FCCB redemption was notified to stock exchange

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