“Justice J.B. Pardiwala and Justice R. Mahadevan in a statutory appeal challenging the decision of the Securities Appellate Tribunal, observed, “In our view, the PFUTP Regulations cannot be attracted on the sole circumstance of the appellant no. 1 using 12 agency agreements to take excess position limits and it was necessary for the respondent to prove whether the manner in which these agency agreements were utilised was fraudulent or not”.” https://www.verdictum.in/supreme-court/reliance-industries-limited-v-the-securities-and-exchange-board-of-india-2026-insc-585-447-crore-disgorgement-2007-rpl-1614931#:~:text=Justice%20J.B.%20Pardiwala%20and,utilised%20was%20fraudulent%20or%20not%E2%80%9D.
“Justice J.B. Pardiwala and Justice R. Mahadevan in a statutory appeal challenging the decision of the Securities Appellate Tribunal, observed, “In our view, the PFUTP Regulations cannot be attracted on the sole circumstance of the appellant no. 1 using 12 agency agreements to take excess position limits and it was necessary for the respondent to prove whether the manner in which these agency agreements were utilised was fraudulent or not”.”
https://www.verdictum.in/supreme-court/reliance-industries-limited-v-the-securities-and-exchange-board-of-india-2026-insc-585-447-crore-disgorgement-2007-rpl-1614931#:~:text=Justice%20J.B.%20Pardiwala%20and,utilised%20was%20fraudulent%20or%20not%E2%80%9D.
