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Prohibitory order was set aside as SEBI couldn't prove that co. made wrongful gain by issuing duplicate shares

February 11, 2020[2020] 113 550 (SAT - Mumbai)

COMPANY LAW/SEBI : Where SEBI having found that certain discrepancies were existing in respect of issue of duplicate shares by appellant-company, exercised its powers under sections 11(1), 11(4) and 11B and issued an order prohibiting appellant from accepting fresh clients in respect of its activities till further directions, in view of fact that discrepancies pointed out by SEBI in issue of duplicate shares by appellant company such as mismatching of photographs or signature etc. did not reveal that appellant made any gain by wrongful transfer nor there was any finding of a loss being caused to an investor, impugned order passed by SEBI deserved to be set aside

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