company. It makes every person who, at the
time the offence was committed, was in charge of, and was
responsible to the company ... relevant time when
the offence was committed and not on the basis of merely
holding a designation or office in a company. Conversely, a
person
below the rank of a Division Chief,
as a designated authority:
Provided that the designated member may, at his discretion,
appoint a bench of three ... receipt of the report recommending the
measures from the designated authority, the designated
member shall consider the same and issue a show-cause
notice
company. It makes every person who, at the
time the offence was committed, was in charge of, and was
responsible to the company ... relevant time when
the offence was committed and not on the basis of merely
holding a designation or office in a company. Conversely, a
person
contended that the
appellant had no access to the financial irregularities
committed by the Company nor had any role to play in
such activities. Under ... employment was confined only to the
research department though he was designated as a
Director but in fact he was an employee and was
getting
made enquiry into the alleged violation committed
by the appellant and submitted the report to the
Designated Member cum Whole Time Member.
Designated Authority ... have been forgotten by
the Designated Member causing the prejudice.
13. Even otherwise, the order of the learned
Designated Member would show that large number
MSEA through a designated broker. It was further submitted that the acquirers were totally unaware of the alleged irregularities committed by MSEA and under these ... that the consideration for the shares should be paid through a designated broker of MSEA. DLF submitted that as they were interested in acquiring
receipt of the report from the enquiry officer (designated authority), the whole time
member (designated member) issued a show cause notice on the same ... issued to the appellant
pointing out that the designated member having considered the findings of the designated
authority was of the view that
violations alleged to have been committed by various entities in the process of allotment of shares of one Design Auto Systems Ltd.(DASL) on swap
with each other to commit the objectionable acts in
question. One of the Appellants is also seen to have committed two or three
self-trades ... that some 50-60 trades
could not have coincided without mischievous design on part of the
Appellants. According to the Respondent, the fact that
directors and designated
persons only. (As per the new definition promoter,
CEO and two levels below CEO will be covered under
designated person ... disproportionate gain or unfair advantage resulted to any party for
the default committed by the appellants, coupled with the fact that
no loss was caused
