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INDIRA BANERJEE, A. S. BOPANNA
Kavi Arora – Appellant
Versus
Securities & Exchange Board of India – Respondent
JUDGMENT :
Indira Banerjee, J.
This present special leave petition is against the impugned judgment and final order dated 15th September 2021, passed by the Division Bench of the High Court of Judicature at Bombay, dismissing Writ Petition (L) No. 19352 of 2021, filed by the Petitioner under Article 226 of the Constitution of India, whereby the Petitioner had sought directions against the Respondent, Security and Exchange Board of India (SEBI), to forthwith furnish to the Petitioner documents relied upon by the Respondent-SEBI, in Show Cause Notice No. SEBI/HO/IVD/ID2/OW/P/2020/19435/1 dated 17th November 2020 issued to the Petitioner to show cause why appropriate directions should not be taken against him under Sections 11(1), 11(4), 11B(1) 11B(1), 11B(2), and 11(4A) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “the SEBI Act”) and Section 12A(1) and 12A(2) of the Securities Contract (Regulation) Act, 1956 (hereinafter referred to as “SCR Act 1956”) read with SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as, as "SEBI Adjudication Rules 1995") and Securities Contract (Regu
The duty of adequate disclosure and the principles of natural justice must be considered in the context of supplying relied-upon documents to the noticee, as established in previous judgments such as....
Income Tax Officer has no jurisdiction to issue a notice under Section 34 of the Income Tax Act.
The court affirmed that a show cause notice issued by SEBI is valid despite claims of delay and non-application of mind, emphasizing the necessity of fair opportunity for the petitioners to respond.
The SEBI Adjudication process mandates a preliminary opinion for the appointment of an Adjudicating Officer, and failure to record this opinion can vitiate subsequent proceedings.
Show-cause notices under SEBI Act for insider trading quashed if issued by incompetent authority below Division Chief rank, containing pre-determined conclusions, and for violating natural justice by....
The main legal point established in the judgment is the entitlement of minority shareholders to documents related to SEBI investigations and show cause notices, and the obligation of SEBI to comply w....
Two-stage inquiry process - Holding of inquiry - Concept of principles of natural justice and fairness though are inbuilt in the Rules even at the first stage of the initiation of an inquiry, that is....
(1) Initiation of criminal action in commercial transactions, should take place with a lot of circumspection and Courts ought to act as gate keepers for the same – Initiating frivolous criminal actio....
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