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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
BHARATI DANGRE, MANJUSHA DESHPANDE
Bharat Nidhi Limited through its ‘Authorised – Appellant
Versus
Securities and Exchange Board of India – Respondent
JUDGMENT :
Bharati Dangre, J.
1. Commonality of the three Writ Petitions lies in the fact that all the three, raise a challenge to the order dated 10.11.2023. passed by Securities and Exchange Board of India (SEBI) revoking the settlement order passed by it on 12.09.2022.
By the said order, involving the entities, who are the Petitioners in the three Writ Petitions, the decision is taken by SEBI to revoke the Settlement Order dated 12.09.2022, in exercise of the power conferred under Regulation 28 of the SEBI (Settlement Proceedings) Regulations, 2018, for failure to comply with its terms. The impugned order also direct that upon revocation, no amount paid by way of compliance of the monetary terms be refunded and the Board shall restore or initiate the proceedings with respect to which the Settlement Order was passed against the Petitioners.
2. To begin with, it would be appropriate to introduce the Contenders in the proceedings, which are placed before us for consideration; on one hand stand the Petitioners, the prime contender amongst them being Bharat Nidhi Limited (“BNL”) the Petitioner in Writ Petition No.3977/2024, an unlisted public limited company incorporated under the provis
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