A recent ruling by the Securities Appellate Tribunal (SAT) upholding an order passed by the capital market regulator holding that a listed bank delayed requisite disclosures, but converting the penalty of Rs 10 lakh into a warning due to delay in enforcement, stands out for the cogent clarity on some core issues.
Essentially, the tribunal dismissed arguments about how a binding agreement between the promoters of a bank with another bank, whereby the business undertaking would be merged, was not required to be disclosed. However, the proceedings having been initiated nearly a decade after the event, leading up to an imposition of
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper
