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G. S. KULKARNI, JITENDRA JAIN
Ashok Dayabhai Shah – Appellant
Versus
Securities and Exchange Board of India – Respondent
ORDER :
1. Today the proceedings are before us on the backdrop of our detailed order dated 23 October 2023 by which we had directed the SEBI to provide documents to the petitioners as prayed for in prayer clause (g) of the petition.
2. Such order was assailed by respondent Nos. 2-Bharat Nidhi Ltd. (for short “BNL”) and by respondent No. 9-Vineet Jain before the Supreme Court. Such [Special Leave Petitions (Civil) Diary No. 45529 of 2023, Bharat Nidhi Ltd. vs. Ashok Dayabhai Shah and Others] and [Special Leave Petitions (Civil) Diary No. 45770 of 2023, Vineet Jain vs. Ashok Dayabhai Shah] were dismissed by the Supreme Court by an order dated 6 November 2023.
3. Thereafter respondent no. 1-SEBI had filed a Special Leave Petition before the Supreme Court [Petition for Special Leave to Appeal (C) Nos. 25783-25784/2023, Securities and Exchange Board of India vs. Ashok Dayabhai Shah and Others] assailing the said order, which also came to be dismissed by the Supreme Court by an order dated on 28 November, 2023.
4. After our order dated 23 October 2023 passed against the respondents which
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....
Shareholders have a right to access relevant documents in regulatory proceedings, emphasizing transparency and compliance by regulatory bodies.
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....
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.
Income Tax Officer has no jurisdiction to issue a notice under Section 34 of the Income Tax Act.
(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....
The Petitioner has no vested right to insist on the acceptance of its settlement proposal, and SEBI's decision-making process was fair and justified.
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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