Person in control of Company is vicariously liable for an offence committed by a company under SEBI Act; he need not necessarily be a Director of that company

SUMMARY OF THE CASE LAWS Even if the accused was not a director of the Company but was one of its promoters, it is open to the SEBI, to prove, during trial that being a promoter of the company, he was a person in charge of and responsible to the company for conduct of the business of the company. CASE LAWS DETAILS DECIDED BY: HIGH COURT OF DELHI, IN THE CASE OF : Vishnu Prakash Bajpai Vs SEBI, APPEAL NO: Crl. M. C. 1182/2009, DECIDED ON: February 10, 2010 RELEVANT PARAGRAPH 1. This is a petition under Section 482 of the Code of Criminal Procedure, for quashing criminal compla...