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Independent director not liable to refund money if decision to issue debenture was taken prior to his appointment

December 3, 2019[2020] 113 478 (SAT - Mumbai)

COMPANY LAW/SEBI: Appellant-Independent director of company could not be held liable for refund of monies collected by company in violation of Companies Act and ICDR Regulations when decision to issue debentures was taken prior to appointment of appellant

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