Presumption of insider trading in absence of adequate material unsustainable

Balram Garg Vs Securities And Exchange Board of India (Supreme Court of India) Facts- P. Chand Jeweller Pvt. Ltd. was incorporated on April 13, 2005 under the Companies Act, 1956 as a Private Limited Company. However, pursuant to a resolution passed by the shareholders on July 5, 2011, the company was converted into a Public Limited Company, following which the name of the company was changed to “PC Jeweller Ltd.” and a fresh certificate of incorporation was issued. The genesis of the present dispute is rooted in the action of Respondent/SEBI against the appellants vide an impounding orde...