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SUBRAMONIUM PRASAD
Securities & Exchange Board of India – Appellant
Versus
Arihant Jain – Respondent
JUDGMENT
1. The instant appeal has been filed under Section 401 of the Code of Criminal Procedure, 1973(`CrPC') by Securities and Exchange Board of India, 1992 (`SEBI') assailing the order dated 24.03.2009 passed by the Learned Additional Sessions Judge in Revision Petition bearing No. 61/2008 titled `Arihant Jain v. State & Anr.' (`Impugned Order'). Vide the Impugned Order, the Learned Additional Sessions Judge set aside the summoning order dated 20.03.2000 passed by the Ld. Trial Court qua Mr. Arihant Jain, i.e., Respondent No.1 herein.
2. It emerges that SEBI had filed a Complaint under Sections 24 and 27 of the Securities and Exchange Board of India Act, 1992 (`SEBI Act') and Regulations 4(a), 4(e) and 4(e) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995 read with Regulation 6(1), 6(3), 8(1), 10(1) and 10(2) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1994 and Section 200 of the CrPC against inter alia Mr. Arihant Jain, the Accused No. 13 therein (`Complaint'). It was alleged that one M/s Ideal Hotels and Industries Ltd. (`IHIL') had bought back its shares through its own group compa
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The specific averments in a complaint against a director, as a person in charge of the company's affairs, may be sufficient to make out a case against the director, and the question of liability shou....
The defense of the accused regarding their knowledge of the company's activity cannot be adjudicated at the time of framing of charge and should be considered during trial. The onus of proof on the a....
The main legal point established in the judgment is the interpretation and application of the pre-amended and amended provisions of Section 24 of the SEBI Act in determining the guilt and imposition ....
A company can be held criminally liable for offences committed in relation to its business, and the court can impose a sentence of fine on the company even if the prescribed punishment includes impri....
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