SAT Quashes SEBI’s penalty of Rs. 20 lakhs on DHFL

Dewan Housing Finance Corporation Ltd. Vs SEBI (Securities Appellate Tribunal) 1. The present appeal has been filed questioning the legality and validity of the order dated 29th May, 2020 passed by the Adjudicating Officer under section 15-1 of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) whereby the authority has imposed a penalty on the appellant for a sum of Rs.20 lakhs under section 15A(b) and 15HB of the SEBI Act. By the impugned order, the appellant was directed to pay the amount within 45 days from the receipt of the impugned order fai...