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SHAMPA DUTT (PAUL)
Bhaskar Saha – Appellant
Versus
Securities and Exchange Board of India (SEBI – Respondent
JUDGMENT :
Shampa Dutt (Paul), J.
1. The present revision has been preferred praying for quashing and setting aside of the order dated 17.01.2020, passed by the Learned 5th Special Court at Calcutta, thereby framing charges as against the Petitioners in respect of several alleged offences, which have not been alleged in and are beyond the scope of the complaint and the report filed by the investigating agency in connection with Complaint Case No. SEBI 10 of 2017.
2. It is the case of the petitioners that the respondent SEBI initiated the said criminal proceeding being Complaint Case No. SEBI 10 of 2017, as against the Petitioners by submitting a complaint by mechanically incorporating Sections 56, 60 and 70 read with Section 2(36), 73 of the Companies Act, 1956 read with Section 465 of the Companies Act, 2013 and the SEBI (Discloser and Investors Protection) Guidelines 2000 read with SEBI (Issue of Capital and Discloser Requirement) Regulations 2009. The aforesaid offences are punishable under Section 24 and 27 of the SEBI Act 1992 and also offences under Section 26A, 26B, 26C of the SEBI Act 1992 and also under Section 11, 11A and 11B of the SEBI Act 1992 read with Section 24 and 27
Charges under Section 12 of the Prevention of Corruption Act require a substantive offence to be present and can be altered by the court before judgment, according to legal precedents.
The main legal point established in the judgment is the requirement for a prima facie case and the evaluation of material by the court before framing charges under sections 227 and 228 of the Cr.P.C.
The judiciary must uphold statutory safeguards in charge framing, ensuring independent judicial reasoning and preserving defendants' rights under Articles 14 and 21 of the Constitution.
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