The Promoters/ Directors may face serious criminal implication for breach of the orders of SEBI, but that cannot be ground to reject the application u/s 7 against the Corporate Debtor, or to initiate any proceeding under Section 65 against the Appellants, who have no connection with the Directors or Promoters of the Corporate Debtor – Shobhnath & Ors. Vs. Prism Industrial Complex Ltd. – NCLAT

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