SAT Reduces SEBI's 'Excessive' Penalty on Texmo Pipes for Alleged Involvement in Fraudulent GDR Issue
The Securities Appellate Tribunal (SAT) SAT partly allowed appeal and reduced the penalty of Rs10.25 Cr. imposed on Texmo Pipes by SEBI for alleged involvement in a fraudulent scheme of using GDR proceeds to fund a subscriber to the global depository receipt (GDR) issue in violation of the PFUTP Regulations, to Rs25 lakh.
Source: moneylife.in