JUDGMENT :

Rule.

2. Rule made returnable forthwith. Heard, finally with the consent of the parties.

3. Although, this application under Section 482 of the Code of Criminal Procedure, 1973 seeks to quash proceedings in SEBI Special Case No. 51/2014, essentially it challenges the order dated 28th August, 2019 in the said SEBI case, whereby, application under Section 24A of Securities and Exchange Board of India Act, seeking compounding of offence was rejected by the SEBI Special Court.

4. Facts Essential for decision of this application, are as follows :—

Applicant Nos. 1 to 4 were Directors of a Company named Avani Plantation Ltd., incorporated on 14th January, 1997. Applicant No.4 resigned from the Board in the year 1999. Applicant Nos. 5 to 7 were nominal share holders of Avani Plantation Ltd. (Company for short). Respondent No.1 is Securities and Exchange Board of India; Respondent No.2 is Union of India and Respondent No.3 is State of Maharashtra.

5. The first Respondent filed Criminal Complaint No.47/S/2004 against the Applicants before the Additional Chief Metropolitan Magistrate, Mumbai, for alleged violation provisions of Sections 11(B), 12(1B) of SEBI Act, 1992 and Regulation 71