SAT quashes SEBI order against Mega Corporation Ltd

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SAT quashes SEBI order against Mega Corporation Ltd

SAT in its decision dated October 15, 2008 set aside the restrictive SEBI order completely exonerating Mega Corporation Limited from all the charges laid against it.

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SAT in its decision dated October 15, 2008 set aside the restrictive SEBI order completely exonerating Mega Corporation Limited from all the charges laid against it.

It may be recalled that SEBI had  charged Mega Corporation  with manipulating the market in its own shares by several means and passed the order against the company on February 28, 2008 restraining it from accessing the capital market in any manner whatsoever for a period of one year.

The company refuted the unfounded charges and took the only possible recourse of filing an appeal with SAT against this order under section 15T of the SEBI Act, 1992

Honourable SAT heard the case and found no merit whatsoever in the accusations made by SEBI against the company.

The SAT order also acknowledged that the company's business proposals could not take off because of the restraint order passed by SEBI, which has now been completely set aside by SAT, as the SEBI was not able to prove even a single accusation, it made against the company. The company had faced significant distress due to this unfortunate event and is now planning to activate its expansion plans which got derailed due to the SEBI's now set-aside restraint order.

Sourced From: Adfactors Public Relations Pvt Ltd