SAT imposes Penalty for Non-Appointment of CS & Independent Directors

Advance Lifestyles Ltd. Vs BSE Ltd. (Securities Appellate Tribunal) Appellant made a representation to the authorities requesting for waiver / reduction of the penalty contending that for not appointing the Company Secretary and two independent directors on the Board / audit committee, the penalty may be waived under the exceptional circumstances as carved out in the circular dated May 3, 2018. The representation was rejected and the appellant was directed to deposit a penalty of Rs. 20,40,000/-. Having heard the learned counsel for the parties, we find that admittedly, the appellant has viol...