JUDGMENT - MOHTA ANOOP V., J.:—Enlarged and projected issue is, whether mens rea is the sine qua non, for imposing penalty for breach of the provisions of the SEBI Act and the regulations framed thereunder, apart from the discretion, exercisable by the adjudicating authority.

2. INTRODUCTION : This appeal is under section 15-Z of the Securities Exchange Board of India Act, 1992 (for short, "SEBI Act") filed by the Securities Exchange Board of India (for short "SEBI") against the order dated 25th January, 2001, of the Securities Appellate Tribunal (for short "SAT") in Appeal No. 24 of 2000, under section 15-I of the SEBI Act, whereby, order dated 31st August, 2002 passed by the Adjudicating Officer under section 15-J of the SEBI Act was set aside.

3. FACTS : The appellants, SEBI, are statutory body constituted under the provisions of the SEBI Act. It can sue and be sued by that name. Being a person aggrieved and affected by the impugned order, has preferred this appeal.

4. The respondents-Cabot International Capital Corporation (for short referred as "CICC") have its Office at Suite 1300, Two Seaport Lane, Boston Mn-02210-2019. Cabot Indian Limited (for short "CIL") is a company in

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