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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
M.S.Sonak, Jitendra Jain
Crosseas Capital Services Pvt. Ltd. – Appellant
Versus
Securities and Exchange Board of India – Respondent
| Table of Content |
|---|
| 1. overview of the case and initial proceedings. (Para 1 , 2) |
| 2. challenge to show cause notices (Para 3 , 4 , 6 , 7 , 8 , 9 , 10) |
| 3. petitioners challenge the scns based on jurisdiction and prior penalties. (Para 5) |
| 4. argument about delaying tactics (Para 15 , 16 , 17 , 18 , 19) |
| 5. sebi argues for due process and continuation of hearings. (Para 20) |
| 6. background of sebi investigations (Para 22 , 23 , 24 , 25 , 26) |
| 7. progress of ongoing proceedings (Para 30 , 33 , 34 , 35 , 36) |
| 8. decision regarding preliminary issues (Para 38 , 39 , 60 , 61 , 62) |
| 9. court's conclusion to allow challenges but not as preliminary issues. (Para 63) |
JUDGMENT :
M. S. Sonak, J.
1. Heard Mr Janak Dwarkadas, learned Senior Counsel, appearing for the Petitioner in Writ Petition No. 19221 of 2024, Dr Birendra Saraf, learned Advocate General, appearing for the Petitioner in Writ Petition No. 378 of 2025, and Mr Mustafa Doctor, learned Senior Counsel, appearing for Respondent-SEBI in both Petitions.
2. Rule in both these Petitions. The rule is made returnable immediately, at the request and with the consent of the learned counsel for the parties. The learned counsel for the parties agree that both these
The court emphasized that mixed questions of law and fact, such as res judicata, should not be decided as preliminary issues but rather simultaneously with all other related issues to ensure efficien....
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.
Show-cause notices under SEBI Act for insider trading quashed if issued by incompetent authority below Division Chief rank, containing pre-determined conclusions, and for violating natural justice by....
The authority issuing show-cause notices under the SEBI Act must be of appropriate rank as specified by the Act; failure to adhere to this renders the notice void.
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....
Timely adjudication of show cause notices is essential, and failure to communicate procedural developments violates natural justice principles.
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....
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.
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