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1 - 2 of 2 (0.19 seconds)K. Nirmala vs Sebi on 18 April, 2013
12. Reliance was placed by counsel for appellant on a decision of this
Tribunal in case of K. Nirmala (supra). That decision is distinguishable on
facts. In that case it was held that failure to disclose pledging of shares
was an inadvertent mistake and while upholding the decision of SEBI, this
Tribunal looking to the totality of facts and circumstances deemed it fit to
reduce the penalty imposed therein by 50%. In the present case, appellant
had falsely pleaded before AO that the pledged shares were not
beneficially owned by the appellant. As noted earlier, the above plea of
appellant is totally false and in fact appellant was beneficial owner of
pledged shares. Moreover, appellant had not followed procedure
prescribed under Depositories Act and the Regulations made thereunder in
relation to pledging of shares.
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