Whole Time Director not supposed to be ignorant of irregularities in financials

SECURITIES APPELLATE TRIBUNAL, MUMBAI N. Narayanan versus Adjudicating Officer, APPEAL NO. 29 OF 2012 OCTOBER 5, 2012 ORDER S.S.N. Moorthy, Member  This order will dispose of eight Appeals no.28, 29, 30, 31, 32, 33, 34 and 35 of 2012. 2. Since the issue involved in these appeals is identical, a common order covering all the appellants is passed for the sake of convenience. 3. The appellants, Shri N. Narayanan, Shri K. Natarahjan, Shri K.S. Kashiraman and Shri G. Ramakrishanan, were directors of Pyramid Saimira Theatre Ltd. (the company). The company was engaged in the busines...