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Judgment
Tarun Agarwala, Presiding Officer
The appellants were found responsible for violating public issue norms while collecting monies through Non- Convertible Debentures (NCDs).
While dismissing the appeals by judgement dated April 16, 2019 we found the appellants to be officers in default as per Section 5(g) of the Companies
Act, 1956.
A Review Application has now been filed contending through an additional affidavit that the Adjudicating Officer has issued another show cause
notice dated March 21, 2018 indicating that the company had a managing director and consequently in view of this admitted position by the respondent
the appellants should be exonerated from the charge under Section 5(g) of the Companies Act.
Having heard the learned senior counsel for the appellants/ applicants, we are of the view that the order passed by us was based on the material
evidence and documents that was placed in the appeal. The show cause notice dated March 21, 2018 was not part of the record and which cannot be
considered at this stage. The Review Application is thus dismissed.