Case Law Details
Introduction
In one of the recent rulings of the Securities Appellant Tribunal (’Tribunal’), Mumbai, the interim order passed by SEBI in the matter of Neesa Technologies Limited(‘Company’) has been quashed qua one of the directors i.e. Mr. Nimain Charan Biswal who had joined and resigned from the directorship of the Company before the issuance of Non-convertible Debentures (NCDs),the subject matter of the case.This write up contains a brief analysis of the aforesaid ruling of the Tribunal.
Facts of the caseplaced before SEBI
Mr. Nimain Biswal (the “Appellant”) was appointed as a director of Neesa Technologies Limited[1] on November 7, 2013 and he had resigned from the directorship w.e.f. March 6, 2014. The Company had made an issue (public issue as alleged by SEBI in its order) of NCDs during the Financial Year 2013-14 from the period starting from April 8, 2013 to August 22, 2013.
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Very well written