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A. S. BOPANNA, PAMIDIGHANTAM SRI NARASIMHA
IFB AGRO Industries Limited – Appellant
Versus
SICGIL India Limited – Respondent
JUDGMENT :
PAMIDIGHANTAM SRI NARASIMHA, J.
1. The short question for our consideration in this appeal relates to the scope of the rectificatory jurisdiction of the National Company Law Tribunal under Section 59 of the Companies Act, 20131 [hereinafter referred to as the ‘2013 Act’]. In this context, we are called upon to determine the appropriate forum for adjudication and determination of violations of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 19972 [hereinafter referred to as the ‘SEBI (SAST) Regulations’] and Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 19923 [hereinafter referred to as the ‘SEBI (PIT) Regulations’] framed under the Securities and Exchange Board of India Act, 19924 [hereinafter referred to as ‘the SEBI Act’]. We have answered both the questions. On the first issue, following the decision of this Court in Ammonia Supplies
(1) Rectificatory jurisdiction under Section 59 of Companies Act, 2013 is summary in nature and not intended to be exercised where there are contested facts and disputed questions.
(2) Public admi....
The court established that the NCLT must conduct a thorough examination of evidence in cases involving rectification of the Register of Members under the Companies Act, 2013.
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.
(1) Power of Supreme Court to enter regulatory domain of SEBI in framing delegated legislation is limited – Court cannot examine correctness, suitability, or appropriateness of policy, particularly w....
The jurisdiction of the Civil Court is not ousted by Section 430 of the Companies Act, 2013, in cases where the dispute involves allegations of fraud and breach of fiduciary duty by an auditor of a c....
Rules and regulations which are framed by Central Government or IBBI are to be placed before Parliament in terms of Section 241 of IBC.
The main legal point established in the judgment is the validation of SEBI's Exit Policy and SECC Regulations, finding them in consonance with the SCR Act, and the court's direction for CSE to comply....
The court held that regulators can impose conditions on settlement applications under the SEBI Act, prioritizing public interest over private vested rights, and dismissed the petition challenging the....
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