PRAKASH D. NAIK, J.

1. Heard both sides for final disposal.

2. This petition is preferred by invoking Article 227 of Constitution of India and inherent powers under section 482 of Code of Criminal Procedure, 1973 to quash the order dated 27th December, 2017 passed by SEBI Special Court at Mumbai in SEBI Special Case No. 219 of 2014 rejecting the application preferred by the petitioners under Section 24A of the Securities and Exchange Board of India Act, 1992 (for short 'SEBI Act').

3. The petitioner No.1 is a company registered under the Companies Act 1956 and petitioner Nos.2 and 3 are purportedly the Directors of Petitioner No.1 who were facing prosecution under Section 24(2) of SEBI Act. The Respondent No.1 conducted investigation into an allegation of acquisition of shares of Shonkh Technologies International Limited by certain entities in excess of the limits prescribed under regulations 7 and 10 of SEBI Regulations 1997. The acquisition of shares by petitioner No.1 was allegedly found to be in violation of the takeover regulations and the respondent No.1 therefore initiated adjudication proceedings against the petitioner No.1. By order dated 27th April, 2003, the Adjud