Close business association between two or more persons does not by itself make them person acting in concert

CASE LAWS DETAILS DECIDED BY: SECURITIES APPELLATE TRIBUNAL MUMBAI,   IN THE CASE OF: Triumph International Finance India Ltd. Vs SEBI, Appeal No: Appeal No. 183 of 2009, DECIDED ON: February 9, 2010 RELEVANT PARAGRAPH 6. We have carefully perused the show cause notice which was common to all the six entities including the appellant who were alleged to have acted in concert with each other in the acquisition of the shares of the target company. Apart from making a bald assertion in para S of that notice that all the notices were acting in concert, there is nothing else in the show cause notic...