Publications of CTC - MMJC - Page 3

Order of Adjudicating Officer of Securities and Exchange Board of IndiaName of the Case: In respect of Carnation Industries Limited – Wherein SEBI Questions Audit Committee regarding their course of action when statutory auditor qualified his report? In the matter of Somesh Choudhary- Suspended Director at M/s Global Fragrances Private Limited (Appellant) vs. Knight Riders

Following cases are covered in this edition of CTC: In the matter of Solar Industries India Ltd. (Appellant Co./Company) vs. Kailash Chandra Nuwal and Ors. (Respondent) – NCLAT has clarified that requirement of section 184(1) w.r.t. disclosure of interest by director shall be held to be substantially complied with, if the director has given written

August issue of CTC covers the following: Independent Directors would be assumed to be aware of misconduct by the company if it’s attributable through public news about the misconduct by the company – Order of Adjudicating Officer of Securities and Exchange Board of India – Name of Case: In the matter of Dish TV India

June 2022 issue of CTC covers the following case: In the case of Insider onus is on SEBI to prove insider trading without merely relying on a preponderance of probability – Securities and Exchange Board of India (SEBI/ Appellants) vs. R.T. AGRO PRIVATE LTD AND ORS (Respondents/Promoters), Supreme Court of India, order dated 25 April

May 2022 issue of CTC covers the following case: Lack of due diligence by the statutory auditor cannot always be equated with fraud – SEBI Adjudication order in the matter of Acrepetal Technologies Ltd., in respect of M/s. K Gopalkrishnan & Co., Statutory Auditor For a detailed case law summary please click here

April 2022 issue of CTC covers the following case: The statutory auditor cannot be held liable for fraud unless there is material evidence showing he colluded with management – SAT order in the matter of Mani Oomens vs SEBI For a detailed case law summary please click here

This covers the following cases: Board of Directors need to justify the decisions taken in the meeting as to how they were in best interest of company. Merely mentioning so without validating it with facts is not acceptable – Final Order of the Whole Time Member in the matter of Landmark Leisure Corporation Ltd dated

This covers the following cases: Independent Directors held liable for excessively relying on whole time directors and not having independent checks – Final Order of the Whole Time Member in the matter of Coral Hub Ltd Whether an authority to appoint nominee director and the power of affirmative vote make the creditor a related party?

This covers the following cases: An interesting case in which Independent Directors penalised for not being vigilant members of audit committee and board. Change in the secured creditors does not lead to a change in the scheme of the company and that if the company application has been made prior to such change the NCLT