
Case Law Analysis
|Securities Appellate Tribunal
PFUTP Liability Cannot Be Attributed to Listed Entity Solely on MD's Acts Where Subsidiaries Operate Independently : SAT
SAT set aside a ₹25 crore PFUTP penalty on Coffee Day Enterprises, holding that a managing director's acts alone cannot impose liability on a listed entity where subsidiaries function independently. The tribunal reduced the LODR penalty to ₹50 lakh and directed SEBI to conduct a fresh investigation within six months.